https://www.taxtmi.com/acts?id=3177 Section 86 provides that a member of an association of persons or body of individuals (excluding certain entities) shall not be liable to tax on his share in the association's income as computed under section 67A, subject to two provisos: if the association is taxed at the maximum marginal rate the member's share is excluded from his total income; if no tax is chargeable on the association's total income the member's share is chargeable to tax in his hands; otherwise the member's share is included in his total income. en-us Sat, 19 Jan 2008 22:45:54 +0530 Thu, 28 Aug 2025 13:15:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=3177 Section 86 provides that a member of an association of persons or body of individuals (excluding certain entities) shall not be liable to tax on his share in the association's income as computed under section 67A, subject to two provisos: if the association is taxed at the maximum marginal rate the member's share is excluded from his total income; if no tax is chargeable on the association's total income the member's share is chargeable to tax in his hands; otherwise the member's share is included in his total income. Act-Rules Income Tax Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=3177