India - Income Tax Act 2010 - Saarc

S. 187 I.T. ACT, 1961 1.734(4) Where any such change had taken place in the previous year, the firm shallfurnish a certified copy of the revised instrument of partnership along with thereturn of income 26 for the assessment year relevant to such previous year and allthe provisions of this section shall apply accordingly.27[(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 suchfailure as is mentioned in section 144, the firm shall be so assessed that nodeduction by way of any payment of interest, salary, bonus, commission orremuneration, by whatever name called, made by such firm to any partner ofsuch 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.]28[Assessment when section 184 not complied with.185. Notwithstanding anything contained in any other provision of this Act,where a firm does not comply with the provisions of section 184 for anyassessment year, the firm shall be so assessed that no deduction by way of anypayment of interest, salary, bonus, commission or remuneration, by whatevername called, made by such firm to any partner of such firm shall be allowed incomputing the income chargeable under the head “Profits and gains of businessor profession” and such interest, salary, bonus, commission or remunerationshall not be chargeable to income-tax under clause (v) of section 28.]C.—Changes in constitution, succession and dissolution 29Change in constitution of a firm.187. (1) Where at the time of making an assessment under section 143 orsection 144 it is found that a change has occurred in the constitution of afirm, the assessment shall be made on the firm as constituted at the time ofmaking the assessment.26. Rule 12 provides that the return of income shall not be accompanied by any document orcopy of any account or form or report of audit required to be attached with return ofincome under any of the provisions of the Act.27. Substituted by the Finance Act, 2003, w.e.f. 1-4-2004. Prior to its substitution, sub-section(5) read as under:“(5) Notwithstanding anything contained in the foregoing provisions of this section, where,in respect of any assessment year, there is on the part of a firm any such failure as ismentioned in section 144, the firm shall not be assessed as such for the said assessmentyear and, thereupon, the firm shall be assessed in the same manner as an association ofpersons, and all the provisions of this Act shall apply accordingly.”28. Substituted by the Finance Act, 2003, w.e.f. 1-4-2004. Prior to its substitution, section 185read as under:“185. Assessment when section 184 not complied with.—Where a firm does not complywith the provisions of section 184 for any assessment year, the firm shall be assessed forthat assessment year in the same manner as an association of persons, and all theprovisions of this Act shall apply accordingly.”29. In view of substitution of sections 184, 185 & 186 by sections 184 & 185 by the Finance Act,1992, w.e.f. 1-4-1993, there is no section with number ‘186’.