# The Finance Act, 1996, Section 46: Amendment of section 158BB

- Act: The Finance Act, 1996 (Act 33 of 1996)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1996/section/46/

## Text

Amendment of section 158BB. 46. In section 158BB of the Income-tax Act, in sub-section (7), in the Explanation, for clause (b), the following clause shall be substituted and shall be deemed to have been substituted with effect from the 1st day of July, 1995, namely:— "(b) of a firm, returned income and total income assessed for each of the previous years falling within the block period shall be the income determined before allowing deduction of salary, interest, commission, bonus or remuneration by whatever name called: Provided that undisclosed income of the firm so determined shall not be chargeable to tax in the hands of the partners, whether on allocation or on account of enhancement.". [Finance (No. 2) Act, 1996] © Copyright. Taxmann Publications Pvt. Ltd.

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