CHAPTER VII

CHAPTER VII

INCOMES FORMING PART OF TOTAL INCOME ON WHICH NO INCOME-TAX IS PAYABLE

[81. Income of co-operative Societies:-

This section was omitted by the Finance (No. 2) Act, 1967 (20 of 1967), w.e.f. 1-4-1968. The provisions contained in this section have simultaneously been incorporated in section 80P of Chapter VIA.]

[82. Dividends from co-operative Society:-

This section was omitted by the Finance (No. 2) Act, 1967, (20 of 1967), w.e.f. 1-4-1968. The provisions contained in this section were incorporated in section 80Q of Chapter VIA.]

[83. Income of marketing Society.-

This section was omitted by the Finance (No. 2) Act, 1967 (20 of 1967), w.e.f. 1-4-1968. The provisions contained in this section have now been incorporated in section 10(29).]

[84. Income of newly established industrial undertakings or Hotels:-

This section was omitted by the Finance (No. 2) Act, 1967, (20 of 1967), w.e.f. 1-4-1968. The provisions contained in the section were incorporated in section 80J of Chapter VIA.]

[85. Dividend from new industrial undertaking or hotel:-

This section was omitted by the Finance (No. 2) Act, 1967 (20 of 1967), w.e.f. 1-4-1968. The provisions contained in this section were incorporated in section 80K of Chapter VIA.]

[85A. Deduction of tax on inter-corporate dividends:-

This section was inserted by the Finance Act, 1965 w.e.f. 1-4-1965 but was omitted by Finance (No. 2) Act, 1967 (20 of 1967), w.e.f. 1-4-1968. However, its provisions were simultaneously incorporated in section 80M of Chapter VIA.]

[85B. Deduction of tax on dividends received from certain foreign companies:-

This section was inserted by the Finance Act, 1966, w.e.f. 1-4-1966, and omitted by the Finance (No. 2) Act, 1967 (20 of 1967), w.e.f. 1-4-1968. The provisions contained in this section were incorporated in section 80N of Chapter VIA which was also omitted, w.e.f. 1-4-1986.]

[85C. Deduction of tax on royalties, etc., received from certain foreign companies:-

This section was inserted by the Finance Act, 1966 w.e.f. 1-4-1966 and omitted by the Finance (No. 2) Act, 1967 (20 of 1967), w.e.f. 1-4-1968. The provisions contained in this section have now been incorporated in section 80-O of Chapter VIA.]

1[J1] [86. Share of member of an association of persons or body of individuals in the income of the association or body:-

Where the assessee is a member of an association of persons or body of individuals (other than a company or a co-operative society or a society registered under the Societies Registration Act, 1860 (21 of 1860), or under any law corresponding to that Act in force in any part of India), income-tax shall not be payable by the assessee in respect of his share in the income of the association or body computed in the manner provided in section 67A:

Provided that,—

(a) where the association or body is chargeable to tax on its total income at the maximum marginal rate or any higher rate under any of the provisions of this Act, the share of a member computed as aforesaid shall not be included in his total income;

(b) In any other case, the share of a member computed as aforesaid shall form part of his total income:

Provided further that where no income tax is chargeable on the total income of the association or body, the share of a member computed as aforesaid shall be chargeable to tax as part of his total income and nothing contained in this section shall apply to the case.]

[86A. Deduction from tax on certain securities:-

Omitted by the Finance Act, 1988, w.e.f. 1-4-1989. It was inserted by the Finance Act, 1965, w.e.f. 1-4-1965 and amended by the Finance Act, 1966, w.e.f. 1-4-1966.]