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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Amendment to Section 158BB: Firm's Income Determined Pre-Expense Deduction, Undisclosed Income Not Taxable to Partners.</h1> Section 158BB of the Income-tax Act has been amended by the Finance (No. 2) Act, 1996, effective from July 1, 1995. The amendment revises clause (b) in the Explanation of sub-section (1), specifying that the income of a firm for each previous year within the block period shall be determined before deducting expenses like salary, interest, commission, bonus, or remuneration. Additionally, any undisclosed income determined for the firm will not be taxable in the hands of the partners, regardless of allocation or enhancement.
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