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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Landmark Tax Reform: New Section 67A Redefines Income Calculation for Association of Persons Members</h1> A statutory amendment to the Income-tax Act introduces a new section 67A governing computation of income for members of associations of persons. The provision details methods for calculating individual members' shares, including deducting specific payments like interest and salary from total income, apportioning profits or losses proportionally, and adjusting remuneration against the member's share. The amendment applies to associations with determinate and known member shares, excluding certain types of organizations.
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