TaxTMI 
TaxTMI 
Omitted
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....of the Finance (No. 2) Act, 1971 w.e.f. 01-04-1971 before it was read as, "a firm treated as registered in accordance with the provisions of" 4. Substituted vide Section 18 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 before it was read as, "Method of computing a partner's share in the income of the firm 67. (1) In computing the total income of an assess....
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....o the partner by the firm in respect of the previous year shall be added to that amount, and the result shall be treated as the partner's share in the income of the firm; (c) where the amount apportioned to the partner under clause (a) is a loss, any salary, interest, commission or other remuneration paid to the partner by the firm in respect of the previous year shall be adjusted against th....
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.... under] clause (b) of section 183, as computed under this section, is a loss, such loss may be set off, or carried forward and set off, in accordance with the provisions of this Chapter. Explanation.-In this section, "paid" has the same meaning as is assigned to it in clause (2) of section 43." 5. Omitted vide Section 36 of the Finance Act, 1992 w.e.f. 01-04-1993 before it was read as, ....
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....in respect of the previous year shall be deducted from the total income of the association or body and the balance ascertained and apportioned among the members in the proportions in which they are entitled to share in the income of the association or body; (b) where the amount apportioned to a member under clause (a) is a profit, any interest, salary, bonus, commission or remuneration aforesaid....