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of <h1>Section 167A: Maximum Tax Rate for Indeterminate Income Shares; Exemptions for Certain Provident and Gratuity Funds.</h1> Section 167A of the Income-tax Act, introduced by the Finance Act, 1981, mandates taxing the total income of an association of persons at the maximum marginal rate when individual member shares are indeterminate or unknown. However, this does not apply to income received by trustees for recognized provident, approved superannuation, and gratuity funds, which are governed by section 10(25) and exempt from tax. Unrecognized or unapproved funds will be taxed as per section 164(1)(iv). Registered societies, associations, and trusts where members have no income share will be taxed at the standard rate, not the maximum marginal rate.
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