Amendment of section 64 (Omitted)

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....as, "17. Amendment of section 64. In section 64 of the Income-tax Act, in sub-section (1),- (a) clause (i) shall be omitted; (b) in clause (ii), for the proviso, the following proviso shall be substituted, namely :- "Provided that nothing in this clause shall apply in relation to any such income arising to the spouse from a firm carrying on any such pro....

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....1, the following Explanation shall be substituted, namely :- "Explanation 1.- For the purposes of clause (ii), the individual, in computing whose total income the income referred to in that clause is to be included, shall be the husband or wife whose total income (excluding the income referred to in that clause) is greater; and where any such income is once included in the total income of....

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....tribution of capital as a partner in a firm or, as the case may be, for being admitted to the benefits of partnership in a firm, that part of the income arising out of the business to the transferee in any previous year, which bears the same proportion to the income of the transferee from the business as the value of the assets aforesaid as on the first day of the previous year bears to the total ....