Substitution of new section for section 86
Section 49 of the Finance Act, 1992 deals with substitution of new section for section 86. Substitution of new section for section 86.
Substitution of new section for section 86.
49. For section 86 of the Income-tax Act, the following section shall be substituted, with effect from the 1st day of April, 1993, namely: —
"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 67 A:
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.".
[Finance Act, 1992]
© Copyright. Taxmann Publications Pvt. Ltd.
Section 49, The Finance Act, 1992 (Act 18 of 1992).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 49
What does Section 49 of the Finance Act deal with?
Section 49 of the Finance Act is headed "Substitution of new section for section 86". Substitution of new section for section 86.
How do I find court cases under Section 49 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1992 49, section 49 Finance Act 1992, section 49 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 49 of the Finance Act, and has it changed?
Its own text turns on section 67 (Amendment of section 187), section 86 (Substitution of new section for section 267), Income-tax Act 86 (Share of member of an association of persons or body of individuals in the income of the association or body), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.
When was the Finance Act enacted?
Finance Act was enacted in 1992 as Act 18 of 1992. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule6776 words
- 2. Income-tax2308 words
- 4. Amendment of section 101580 words
- 58. Insertion of new Chapter XII-C876 words
- 16. Amendment of section 40813 words
- 35. Amendment of section 64707 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument. This page is not a substitute for legal advice.