1Where 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.
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1.Subs. by Act 18 of 1992, s. 49, for section 86 (w.e.f. 1-4-1993).
Section 87 Rebate to be allowed in computing income-tax
Section 87A Rebate of income-tax in case of certain individuals
Section 88 Rebate on life insurance premia, contribution to provident fund, etc
Section 88E Rebate in respect of securities transaction tax
Section 89 Relief when salary, etc., is paid in arrears or in advance
Section 90 Agreement with foreign countries or specified territories
Section 91 Countries with which no agreement exists
Section 92 Computation of income from international transaction having regard to arms length price