India - Income Tax Act 2010 - Saarc

1.511 CH. VII - INCOMES FORMING PART OF TOTAL INCOME S. 86Deduction in respect of expenses incurred in connection with certain proceedingsunder the Act.80VV. [Omitted by the Finance Act, 1985, w.e.f. 1-4-1986. Original section wasinserted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976.]CHAPTER VI-BRESTRICTION ON CERTAIN DEDUCTIONS INTHE CASE OF COMPANIES[Chapter VI-B consisting of section 80VVA omitted by the Finance Act, 1987,w.e.f. 1-4-1988. Original Chapter was inserted by the Finance Act, 1983, w.e.f.1-4-1984 and amended by the Finance Act, 1985, w.e.f. 1-4-1986 and Finance Act,1986, w.e.f. 1-4-1987.]CHAPTER VIIINCOMES FORMING PART OF TOTAL INCOME ON WHICH NOINCOME-TAX IS PAYABLE81. to 85C. [Omitted by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1968. Provisionsof sections 81, 82, 83, 84, 85, 85A, 85B and 85C were incorporated fromthe same date in sections 80P, 80Q, 10(29), 80J (now omitted), 80K (now omitted),80M (now omitted), 80N (now omitted) and 80-O, respectively.]46[Share of member of an association of persons or body of individuals in theincome of the association or body.86. Where the assessee is a member of an association of persons or body ofindividuals (other than a company or a co-operative society or a societyregistered under the Societies Registration Act, 1860 (21 of 1860), or under anylaw corresponding to that Act in force in any part of India), income-tax shall notbe payable by the assessee in respect of his share in the income of the associationor body computed in the manner provided in section 67A :Provided that,—(a) where the association or body is chargeable to tax on its total incomeat the maximum marginal rate or any higher rate under any of theprovisions of this Act, the share of a member computed as aforesaidshall not be included in his total income;(b) in any other case, the share of a member computed as aforesaid shallform part of his total income :Provided further that where no income-tax is chargeable on the total income ofthe association or body, the share of a member computed as aforesaid shall bechargeable to tax as part of his total income and nothing contained in this sectionshall apply to the case.]46. Substituted by the Finance Act, 1992, w.e.f. 1-4-1993. Prior to substitution, section 86 wasamended by the Finance Act, 1964, w.e.f. 1-4-1964, the Finance Act, 1965, w.e.f. 1-4-1965,the Finance Act, 1968, w.e.f. 1-4-1969, the Finance (No. 2) Act, 1971, w.e.f. 1-4-1971,the Finance Act, 1981, w.e.f. 1-4-1981, 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.