Section 86

Other incomes.

86. Income-tax shall not be payable by an assessee in respect of the following—

(i) [Omitted by the Finance Act, 1965, w.e.f. 1-4-1965.]

(ii) [Omitted by the Finance Act, 1965, w.e.f. 1-4-1965.]

(iii) if the assessee is a partner of an unregistered firm 1 [not being an unregistered firm assessed as a registered firm under clause (b) of section 183] any portion of the assessee's share in the profits and gains of the firm computed in the manner laid down in section 67 on which ² [income-tax is payable by the firm] ;

(iv) [Omitted by the Finance Act, 1968, w.e.f. 1-4-1969.]

(v) if the assessee is a member of an association of persons, or a body of individuals other than a Hindu undivided family, a company or a firm, any portion of the amount which he is entitled to receive from the association or body on which income-tax has already been paid by the association or body.

3 [Explanation : For the purposes of this clause, in the case of an association of persons which is assessable under section 167A, each of the members of the association whose shares in the income or, as the case may be, part of the income of such association are indeterminate or unknown, shall be deemed to be entitled to receive an equal share in the total income or, as the case may be, such part of the total income of the association and the individual share of such member in such total income or, as the case may be, part of the total income shall be determined accordingly.]

 

 

 

[As amended by the Finance Act, 1981]