# The Finance Act, 1997, Section 12: Amendment of section 44AD

- Act: The Finance Act, 1997
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1997/section/12/

## 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.

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