{"act":{"id":"finance-act-1997","short_title":"The Finance Act, 1997","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 1997-1998.","act_number":null,"act_year":1997,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":80,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-1997/"},"unit":"section","section":{"number":"12","heading":"Amendment of section 44AD","text":"Amendment of section 44AD. 12. In section 44AD of the Income-tax Act,— (i) in sub-section (2), the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1994, namely :— \"Provided that where the assessee is a firm, the salary and interest paid to its partners shall be deducted from the income computed under sub-section (1) subject to the conditions and limits specified in clause (b) of section 40;\"; (ii) sub-section (5) shall be omitted. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 44AD.</b></p><p><b>12</b>. In section 44AD of the Income-tax Act,—</p><p><span class=\"num\">(i)</span> in sub-section (2), the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1994, namely :—</p><p><b> \"Provided</b> that where the assessee is a firm, the salary and interest paid to its partners shall be deducted from the income computed under sub-section (1) subject to the conditions and limits specified in clause (b) of section 40;\";</p><p><span class=\"num\">(ii)</span> sub-section (5) shall be omitted.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":92,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-1997/section/12/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}