Section 167A of the Income-tax Act, inserted by the Finance Act, 1981-Clarification regarding

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....the Finance Act, 1981 (Circular No. 308 dated 29th June, 1981* see [1981] 131 ITR (St.) 119, which explain the scope and ambit of section 167A, as inserted by the Finance Act, 1981. 2. A question has been raised whether the provisions of section 167A of the Income-tax Act which provide for charging of tax at the maximum marginal rate on the total income of an association of persons where the indi....

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....und, pension fund or any other fund created bona fide by a person carrying on a business or profession exclusively for the benefit of persons employed in such business or profession are concerned, they will continue to be charged to tax in the manner prescribed by section 164(1)(iv) of the Income-tax Act, as hitherto. Similarly, in the cases of registered societies, trade and professional associat....