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of <h1>Direct Tax Laws (Amendment) Act 1987: Key Changes for Partnership Firms, Effective Dates, and New Filing Procedures Explained.</h1> The circular clarifies the assessment provisions for partnership firms under the Direct Tax Laws (Amendment) Act, 1987. Initially set to begin on April 1, 1989, the new scheme's start date was postponed to April 1, 1990. Until then, the existing provisions continue, including sections on disallowance of interest and salary, income inclusion, and firm registration. However, some amendments, such as the uniform financial year and new filing procedures, apply from April 1, 1989. Tax deduction at source provisions are delayed to April 1, 1989, and new advance tax rules are effective from April 1, 1988, for all assessees.
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