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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Tax Rates Redefined: New Rule 167B Targets Unidentified Member Income in Collective Entities with Maximum Marginal Taxation</h1> The statutory amendment introduces section 167B to the Income-tax Act, addressing tax charging mechanisms for associations of persons or bodies of individuals where member shares are indeterminate or unknown. It mandates taxation at the maximum marginal rate or at higher individual tax rates applicable to members. The provision covers scenarios where member income shares cannot be precisely identified, ensuring comprehensive tax collection from such collective entities.
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