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Report No. 12

D-Other provisions.

197. List of other provisions.-

(1) Besides the provisions contained in this Chapter, the following are the provisions of this Act specially relevant in respect of firms-

Section 6, clause (2) [4A(b)] relating to residence of firms.
Section 28(ii) [10(5A) part] relating to charge of compensation etc. for managing agency.
Section 40(b) [10(4)(b)] relating to inadmissibility of interest, salary, commission or remuneration paid to a partner.
Sections 76 & 77 [24(1), 2nd proviso, part, 24(2) proviso (c) and (d) part] relating to loss of a registered firm or an unregistered firm treated as registered.
Section 78 [24(1), 2nd proviso, part, and 24(2) proviso (c) part] relating to loss of an unregistered firm.
Section 79(1) [24(2), Proviso (e)] relating to set off of losses in cases of change of constitution in a firm.
Section 123 [10(5A), part] relating to computation of tax on compensation etc.
Section 138, clause (1) [38(1)] relating to information and returns by a firm
Section 165 [23(6)] relating to intimation of shares.
Sections 280(2) and 280(4) [28(1), proviso (d) and 28(2)] relating to computation of penalty in the case of firms and penalty for wrong apportionment of shares.
Section 320 (2)(a) [63] relating to service of notices in the case of firms.1
Section 321 (2) [Newly added section in Misc. Chapter] relating to service of notices in the case of dissolved firms.1

1. Provision applicable only to partners have not been included.

[New] [24(2), proviso]

(2) The list of provisions given in sub-section (1) is for convenience of reference only.

Income-Tax Act, 1922 Back

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