Method of computing a member‘s share in income of association of persons or body of individuals.
#IncomeTaxAct1961, #Section67A, #shares, #income, #association, #organization, #rules, #sections, #laws Section 67A falls under Chapter VI, which relates to ‘Aggregation of income and set off or carry forward of loss’ As the heading of section 67A itself suggests, it provides the method of computing a member’s share in the income of an AOP or BOI. In the present context, it has to be noted that sections 66 and 67A fall under Chapter VI, the title of which is, ‘Aggregation of