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Report No. 12

111. Share from registered firm.-

Where the assessee is a partner of a registered firm, he shall be entitled to a deduction, from the amount of super-tax with which he is chargeable on his total income, of an amount equal to the super-tax calculated at the average rate of super-tax on the following sum, that is to say- the amount which represents the difference between-

(i) the assessee's share in the total income of the firm, and

(ii) his share in the total income of the firm as reduced by the income-tax, if any, payable by the firm, at the rate of income-tax applicable to its total income, on the amount of its income from all sources other than from any business carried on by it the shares in. either case being computed in the manner laid down in section 69 [section 16(1) (b)].

[Section 14(2)(aa), main para. for Super-tax and proviso and section 17(3) part]

Income-Tax Act, 1922 Back

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