6. Rebate of Tax u/s 86 " [ Assessments of 'AOP']

1.         In case total income of PFAOP/AOP is not taxable at MMR or any other rate higher than MMR—the share of income of a member of PFAOP/AOP shall be added in his total income and shall be eligible for rebate of tax at average rate on such share.

2.         In case total income of PFAOP/AOP is taxable at MMR or a higher rate —the share of income of a member from such PFAOP/AOP shall not be included in the total income of such member.

3.         In case total income of PFAOP/AOP (which does not have any member whose individual income exceeds Rs. 50,000) is not taxable at all—the share of income of a member from such PFAOP/AOP shall be fully added in the individual income of such member and is fully taxable. No rebate of tax in this case.

4.         The term average rate of income-tax means the rate computed in following manner [Section 2(10)] :

Average rate = Total Income Tax x 100/Total Income

 
More Topics on Assessment ... @ AOP
Computation of AOP’s Business Income : Assessments of 'AOP'
Computation of AOP’s Total income : Assessments of 'AOP'
Rates Of Tax For PFAOP/AOP [u/s 167B] : Assessments of 'AOP'
Allocation Of PFAOP’s Total Income[Section 67A]-Assessment of AOP
Treatment of Share of Income Received By Members Of P.F.A.O.P.
Rebate of Tax U/s 86 : Assessments of 'AOP-Association Of Person'

 

 
 
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