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- The share of a member in the income of an AOP/BOI is treated in three different ways
- Where the association or body is chargeable to tax at the maximum marginal rate or at a rate higher than the maximum marginal rate, the share of a member therein shall not be included in his total income at all(Section 86).
- Where the association or body is chargeable to tax at the normal rates applicable to individuals, etc, the share of a member therein shall be included in his total income, but a rebate shall be given on the same.
- Where no income tax is chargeable on the total income of the association or body, the share of a member therein shall be fully chargeable to tax as part of his total income and no rebate shall be given thereon. Thus, where an AOP/BOI is taxable at the normal rates applicable to individuals, etc, but has income below taxable limit so that no income tax is chargeable on the total income of the AOP/BOI, the share of a member in such association or body shall be fully taxable in his own assessment.
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