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of <h1>Income-tax Act Section 155 Amendment: New Rules for Partner Assessments and Remuneration Deductions from April 1, 1993.</h1> Section 155 of the Income-tax Act has been amended, effective April 1, 1993. The amendment modifies sub-section (1) to specify that it applies to assessments of partners in a firm for the assessment year starting April 1, 1992, or earlier. A new sub-section (1A) is added, allowing the Assessing Officer to amend a partner's assessment if it is found that any remuneration to a partner is not deductible under section 40(b) during the firm's assessment or reassessment. This adjustment must occur within four years from the end of the financial year in which the firm's final order was passed.
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