Substitution of new sections for sections 184,185 and 186
Section 66 of the Finance Act, 1992 deals with substitution of new sections for sections 184,185 and 186. Substitution of new sections for sections 184,185 and 186.
Substitution of new sections for sections 184,185 and 186.
66. For the sub-heading "B.—Registration of firms" occurring before: section 184 and for sections 184, 185 and 186 of the Income-tax Act, the following sections shall be substituted, with effect from the 1st day of April, 1993, namely: —
"184. Assessment as a firm.—(1) A firm shall be assessed as a firm for the purposes of this Act, if—
(i) the partnership is evidenced by an instrument; and
(ii) the individual shares of the partners are specified in that instrument.
(2) A certified copy of the instrument of partnership referred to in sub-section (1) shall accompany the return of income of the firm of the previous year relevant to the assessment year commencing on or after the 1st day of April, 1993 in respect of which assessment as a firm is first sought.
Explanation.—For the purposes of this sub-section, the copy of the instrument of partnership shall be certified in writing by all the partners (not being minors) or, where the return is made after the dissolution of the firm, by all persons (not being minors) who were partners in the firm immediately before its dissolution and by the legal representative of any such partner who is deceased.
(3) Where a firm is assessed as such for any assessment year, it shall be assessed in the same capacity for every subsequent year if there is no change in the constitution of the firm or the shares of the partners as evidenced by the instrument of partnership on the basis of which the assessment as a firm was first sought.
(4) Where any such change had taken place In the previous year, the firm shall furnish a certified copy of the revised instrument of partnership along with the return of income for the assessment year relevant to such previous year and all the provisions of this section shall apply accordingly.
(5) Notwithstanding anything contained in the foregoing pro-' visions of this section, 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 not be assessed as such for the said assessment year and, thereupon, the firm shall be assessed in the same manner as an association of persons', and all the provisions of this Act shall apply accordingly.
185. Assessment when section 184 no complied with—Where a firm does not comply with the provisions of section 184. for any assessment year, the firm shall be assessed for that assessment year in the same manner as an association of persons, and all the provisions of this Act shall apply accordingly.".
[Finance Act, 1992]
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Section 66, The Finance Act, 1992 (Act 18 of 1992).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 66
What does Section 66 of the Finance Act deal with?
Section 66 of the Finance Act is headed "Substitution of new sections for sections 184,185 and 186". Substitution of new sections for sections 184,185 and 186.
How do I find court cases under Section 66 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1992 66, section 66 Finance Act 1992, section 66 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 66 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 184 (Assessment as a firm), Income-tax Act 185 (Assessment when section 184 not complied with), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 1992 as Act 18 of 1992. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule6776 words
- 2. Income-tax2308 words
- 4. Amendment of section 101580 words
- 58. Insertion of new Chapter XII-C876 words
- 16. Amendment of section 40813 words
- 35. Amendment of section 64707 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.