The share of income received by a member from a P.F.A.O.P. shall be treated as under
In case no income-tax is payable on firm assessed as AOP’s total income, the share of income of members of such firm assessed as AOP shall be fully added in their individual income.
- In case a firm assessed as AOP is chargeable to tax on its total income at maximum marginal rate or any other higher rate, the share of members firm such firm assessed as AOP shall not be included in their individual income. It happens only when shares of members are unknown or indeterminate.
- In case share of members of firm assessed as AOP are known or can be determined, the share received by members from such firm assessed as AOP shall be fully added in their individual income.