Assessment of partnership firms: commencement of the new scheme deferred; transitional and compliance provisions clarified. The new partnership assessment scheme under the Direct Tax Laws (Amendment) Act, 1987 is deferred to 1-4-1990; therefore, pre-amendment provisions continue to apply for assessment years 1988-89 and 1989-90, including rules on partner remuneration disallowance, inclusion of family members' shares, computation of partner's share, carry-forward of firm losses, rebates for unregistered firms, and registration and assessment procedures. Separate amendments-uniform financial year, new return and assessment procedure, and interest provisions-apply from 1-4-1989, while advance tax provisions apply from 1-4-1988; TDS changes under section 194E are deferred to 1-4-1989.
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Provisions expressly mentioned in the judgment/order text.
Assessment of partnership firms: commencement of the new scheme deferred; transitional and compliance provisions clarified.
The new partnership assessment scheme under the Direct Tax Laws (Amendment) Act, 1987 is deferred to 1-4-1990; therefore, pre-amendment provisions continue to apply for assessment years 1988-89 and 1989-90, including rules on partner remuneration disallowance, inclusion of family members' shares, computation of partner's share, carry-forward of firm losses, rebates for unregistered firms, and registration and assessment procedures. Separate amendments-uniform financial year, new return and assessment procedure, and interest provisions-apply from 1-4-1989, while advance tax provisions apply from 1-4-1988; TDS changes under section 194E are deferred to 1-4-1989.
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