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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Amendment removes Explanation under Section 15 excluding partner payments from salary definition for tax purposes</h1> An amendment to the Income-tax Act, 1961, initially inserted an Explanation clarifying that any salary, bonus, commission, or remuneration received by a partner from the firm is not considered 'salary' under section 15. This provision was subsequently omitted by a later amendment effective from April 1, 1989. The amendment aimed to exclude payments to partners from the definition of salary for tax purposes under the specified section.
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