India - Income Tax Act 2010 - Saarc

1.361 CH. VI - AGGREGATION OF INCOME AND SET OFF OF LOSS S. 67Aassessee which is attributable to the income so included, and the provisions ofChapter XVII-D shall, so far as may be, apply accordingly :Provided that where any such asset is held jointly by more than one person, theyshall be jointly and severally liable to pay the tax which is attributable to theincome from the assets so included.Total income.CHAPTER VIAGGREGATION OF INCOME AND SET OFF ORCARRY FORWARD OF LOSSAggregation of income66. In computing the total income of an assessee, there shall be included allincome on which no income-tax is payable under Chapter VII 10 [* * *].Method of computing a partner’s share in the income of the firm.67. 11 [Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]12[Method of computing a member’s share in income of association of persons orbody of individuals.67A. (1) In computing the total income of an assessee who is a member of anassociation of persons or a body of individuals wherein the shares of themembers are determinate and known [other than a company or a cooperativesociety or a society registered under the Societies Registration Act, 1860 (21 of1860), or under any law corresponding to that Act in force in any part of India],whether the net result of the computation of the total income of such associationor body is a profit or a loss, his share (whether a net profit or net loss) shall becomputed as follows, namely :—(a) any interest, salary, bonus, commission or remuneration by whatevername called, paid to any member in respect of the previous year shallbe deducted from the total income of the association or body and thebalance ascertained and apportioned among the members in theproportions in which they are entitled to share in the income of theassociation or body ;(b) where the amount apportioned to a member under clause (a) is aprofit, any interest, salary, bonus, commission or remuneration aforesaidpaid to the member by the association or body in respect of the10. “and any amount in respect of which the assessee is entitled to a deduction from theamount of income-tax on his total income with which he is chargeable for any assessmentyear in accordance with, and to the extent provided in, sections 87, 87A and 88” omittedby the Finance (No. 2) Act, 1967, w.e.f. 1-4-1968. Earlier “87A” was inserted in the omittedportion by the Finance Act, 1964, w.e.f. 1-4-1964.11. Prior to its omission, section 67 was amended by the Finance Act, 1968, w.e.f. 1-4-1969, theFinance (No. 2) Act, 1971, w.e.f. 1-4-1971, the Direct Tax Laws (Amendment) Act, 1987,w.e.f. 1-4-1989 and the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989.12. Inserted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989.