Chapter I|Chapter II|Chapter III|Chapter IV|Chapter V|Chapter VI|Chapter VIA|Chapter VII|Chapter VIII|Chapter IX|Chapter X|Chapter X-A|Chapter XI – Chapter XII|Chapter XII-A|Chapter XII-B|Chapter XII-BA|Chapter XII-BB|Chapter XII-BC|Chapter XII-C|Chapter XII-D|Chapter XII-DA|Chapter XII-E|Chapter XII-EA|Chapter XII-EB|Chapter XII-F|Chapter XII-FA|Chapter XII-FB|Chapter XII-G|Chapter XII-H|Chapter XIII|Chapter XIV|Chapter XIV-A|Chapter XIV-B|Chapter XV|Chapter XVI|Chapter XVII|Chapter XVIII|Chapter XIX|Chapter XIX-A|Chapter XIX-B|Chapter XX|Chapter XX-A|Chapter XX-B|Chapter XX-C|Chapter XXI|Chapter XXII|Chapter XXIIB|Chapter – XXIII CHAPTER VI-B
RESTRICTION ON CERTAIN DEDUCTIONS IN THE CASE OF COMPANIES [Chapter VI-B, consisting of section 80VVA, omitted by the Finance Act, 1987, w.e.f. 1-4-1988. Original Chapter was inserted by the Finance Act, 1983, w.e.f. 1-4-1984 and amended by the Finance Act, 1985, w.e.f. 1-4-1986 and Finance Act, 1986, w.e.f. 1-4-1987.] CHAPTER VII
INCOMES FORMING PART OF TOTAL INCOME ON WHICH NO INCOME-TAX IS PAYABLE 81. to 85C. [Omitted by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1968. Provisions of sections 81, 82, 83, 84, 85, 85A, 85B and 85C were incorporated from the same date in sections 80P, 80Q, 10(29), 80J (now omitted), 80K (now omitted), 80M (now omitted), 80N (now omitted) and 80-O, respectively.]
86. Share of member of an association of persons or body of individuals in the income of the association or body.
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.
86A. Deduction from tax on certain securities.
[Omitted by the Finance Act, 1988, w.e.f. 1-4-1989. Original section was inserted by the Finance Act, 1965, w.e.f. 1-4-1965.]