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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Taxation Rules for Members' Income Shares Under Section 86 of the Income-tax Act, 1961</h1> Section 86 of the Income-tax Act, 1961, as amended, governs the taxation of income shares of members in an association of persons or body of individuals, excluding companies, co-operative societies, and certain registered societies. If the association's total income is taxed at the maximum marginal or a higher rate, the member's share of income is exempt from inclusion in their total income. Otherwise, the member's share is included in their total income and taxed accordingly. If the association's total income is not subject to income tax, the member's share is taxable as part of their total income. This provision ensures that members are taxed on their share of income from such associations unless the association itself is taxed at the highest rate.
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