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[Section-67A] : Method Of Computing A Members Share In Income Of Association Of Persons (AOP) Or Body Of Individuals (BOI)

Computation of share of its member where the share of members of AOPs/BOI are determinate or known are as under:

(a )       Deduct any interest, salary, bonus, commission or remuneration by whatever name called;

(b)       Deduct the amount apportioned to a member under clause (a) is a profit, any interest, salary, bonus, commission or remuneration aforesaid paid;

(C)       Deduct the amount apportioned to a member under clause (a) is a loss, any interest, salary, bonus, commission or remuneration aforesaid paid to the member by the association or body in respect of the previous year shall be adjusted against that amount, and the result shall be treated as the member’s share in the income of the association or body.

(d)       The share of a member in the income or loss of the association or body, as computed above for the purposes of assessment, be apportioned under the various heads of income.

(e)        Any interest paid by a member on capital borrowed by him for the purposes of Investment in the association or body shall, in computing his share chargeable under the head “Profits and gains of business or profession”.

 

 
 

CONTENT : Assessment of Trust

Related Topics.....Assessment of TRUST

 

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