Payment by firm to partner included within section 194A coverage following legislative amendment to specify such credited or paid income. The Direct Tax Laws (Amendment) Act, 1989 inserted clause (iv) into subsection (3) of section 194A of the Income-tax Act, 1961, stating that income credited or paid by a firm to a partner of the firm is included in that subsection; the insertion is deemed effective from 1 April 1988.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Payment by firm to partner included within section 194A coverage following legislative amendment to specify such credited or paid income.
The Direct Tax Laws (Amendment) Act, 1989 inserted clause (iv) into subsection (3) of section 194A of the Income-tax Act, 1961, stating that income credited or paid by a firm to a partner of the firm is included in that subsection; the insertion is deemed effective from 1 April 1988.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
AI OCR ✕
of 
TaxTMI 
TaxTMI 
