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        F. Acts / Amendment Acts

        Section 69 - Amendment of section 184

        Finance Act, 2003
        Chapter III
        DIRECT TAXES

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        Restriction on partner deductions: firms with specified compliance failures cannot deduct partner payments and those payments lose ordinary income character. The amendment requires that where a firm commits specified failures, the firm shall be assessed so that no deduction is allowed for any payment to a partner described as interest, salary, bonus, commission or remuneration when computing income under the head Profits and gains of business or profession, and such payments shall not be charged as the partner's income under the usual classification.
                          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.

                                Restriction on partner deductions: firms with specified compliance failures cannot deduct partner payments and those payments lose ordinary income character.

                                The amendment requires that where a firm commits specified failures, the firm shall be assessed so that no deduction is allowed for any payment to a partner described as interest, salary, bonus, commission or remuneration when computing income under the head Profits and gains of business or profession, and such payments shall not be charged as the partner's income under the usual classification.


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