Archive for 1996

Circular : No. 739, dated 25-3-1996. The Board have considered the representations. Since the amended provisions of section 40(b) have been introduced only with effect from the assessment year 1993-94 and these may not have been understood correctly the Board are of the view that liberal approach may be taken for the initial years. It has been decided that for the assessment years 1993-94 to 1996-97 deduc­tion for remuneration to a working partner may be allowed on the .. Full Article