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What is Share of member of an association of persons or body of individuals in the income of the association or body? Section 86 of Income Tax Act 1961

Share of member of an association of persons or body of individuals in the income of the association or body is defined under section 86 of Income Tax Act 1961. Provisions under this Section is:

Section 86 of Income Tax Act "Share of member of an association of persons or body of individuals in the income of the association or body"

Section 86. Where the assessee is a member of an association of persons or body of individuals (other than a company or a co-operative society or a society registered under the Societies Registration Act, 1860 (21 of 1860), or under any law corresponding to that Act in force in any part of India), income-tax shall not be payable by the assessee in respect of his share in the income of the association or body computed in the manner provided in section 67A :

 

Provided that,-
(a) where the association or body is chargeable to tax on its total income at the maximum marginal rate or any higher rate under any of the provisions of this Act, the share of a member computed as aforesaid shall not be included in his total income;

(b) in any other case, the share of a member computed as aforesaid shall form part of his total income :

Provided further that where no income-tax is chargeable on the total income of the association or body, the share of a member computed as aforesaid shall be chargeable to tax as part of his total income and nothing contained in this section shall apply to the case.

Income Tax Act 1961

What is Share of member of an association of persons or body of individuals in the income of the association or body? Section 86 of Income Tax Act 1961

What is Rebate to be allowed in computing income-tax Rebate of income-tax in case of certain individuals? Section 87 and 87A of Income Tax Act 1961

What is Rebate on life insurance premia, contribution to provident fund, etc? Section 88 and 87A of Income Tax Act 1961

What is Rebate in respect of securities transaction tax? Section 88E of Income Tax Act 1961

What is Relief when salary, etc., is paid in arrears or in advance? Section 89 of Income Tax Act 1961

What is Agreement with foreign countries or specified territories? Section 90 of Income Tax Act 1961

What is Adoption by Central Government of agreement between specified associations for double taxation relief? Section 90A of Income Tax Act 1961

What is Countries with which no agreement exists? Section 91 of Income Tax Act 1961

What is Computation of income from international transaction having regard to arm's length price? Section 92 of Income Tax Act 1961

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