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<h1>Tax Liability Shift: Section 86 Amendment Redefines Income-tax Obligations for Firms, Expanding Potential Reporting Frameworks</h1> The amendment modifies section 86 of the Income-tax Act, replacing the phrase 'income-tax has already been paid by the firm' with 'income-tax is payable by the firm'. This legislative change alters the language regarding tax liability for firms, potentially expanding the scope of tax assessment or reporting requirements for business entities.