{"act":{"id":"finance-act-2003","short_title":"The Finance Act, 2003","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2003-2004.","act_number":null,"act_year":2003,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":108,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2003/"},"unit":"section","section":{"number":"69","heading":"Amendment of section 184","text":"Amendment of section 184. 69. In section 184 of the Income-tax Act, for sub-section (5), the following sub-section shall be substituted with effect from the 1st day of April, 2004, namely:— ‘(5) Notwithstanding anything contained in any other provision of this Act, where, in respect of any assessment year, there is on the part of a firm any such failure as is mentioned in section 144, the firm shall be so assessed that no deduction by way of any payment of interest, salary, bonus, commission or remunera­tion, by whatever name called, made by such firm to any partner of such firm shall be allowed in computing the income chargeable under the head \"Profits and gains of business or profession\" and such interest, salary, bonus, commission or remuneration shall not be chargeable to income-tax under clause (v) of section 28.’. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 184.</b></p><p><b>69.</b> In section 184 of the Income-tax Act, for sub-section (5), the following sub-section shall be substituted with effect from the 1st day of April, 2004, namely:—</p><p>‘(5) Notwithstanding anything contained in any other provision of this Act, where, in respect of any assessment year, there is on the part of a firm any such failure as is mentioned in section 144, the firm shall be so assessed that no deduction by way of any payment of interest, salary, bonus, commission or remunera­tion, by whatever name called, made by such firm to any partner of such firm shall be allowed in computing the income chargeable under the head \"Profits and gains of business or profession\" and such interest, salary, bonus, commission or remuneration shall not be chargeable to income-tax under clause (<i>v</i>) of section 28.’.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":145,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2003/section/69/","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."}