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of <h1>Amendment to Income-tax Act: Changes to Section 49(1)(iii) on asset distribution for dissolutions before April 1, 1987. Effective 1988.</h1> Section 49 of the Income-tax Act is amended by substituting sub-clause (b) in sub-section (1), clause (iii). The new provision applies to the distribution of assets upon the dissolution of a firm, body of individuals, or other association of persons, provided such dissolution occurred before April 1, 1987. This amendment is effective from April 1, 1988, as per the Finance Act, 1987.
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