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of <h1>Section 44AD Amended: Firms Can Deduct Partner Salary and Interest, Subject to Section 40(b) Conditions and Limits.</h1> Section 44AD of the Income-tax Act has been amended by the Finance Act, 1997. A proviso has been added to sub-section (2), effective from April 1, 1994, allowing firms to deduct salary and interest paid to partners from income computed under sub-section (1), subject to conditions and limits specified in section 40(b). Additionally, sub-section (5) has been omitted.
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