https://www.taxtmi.com/circulars?id=4524 After repeal of the rebate system, the Finance (No. 2) Act, 1967 replaced rebates with a system of deduction to be allowed at the firm level; the prescribed deduction must be subtracted from the firm's income and only the resultant net income is to be distributed and assessed in the hands of the partners. en-us Wed, 31 Oct 1973 00:00:00 +0530 Wed, 30 Jul 2008 12:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=4524 After repeal of the rebate system, the Finance (No. 2) Act, 1967 replaced rebates with a system of deduction to be allowed at the firm level; the prescribed deduction must be subtracted from the firm's income and only the resultant net income is to be distributed and assessed in the hands of the partners. Circulars Income Tax Wed, 31 Oct 1973 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4524