Section 86 of ITA, 1961 : Section 86: Share Of Member Of An Association Of Persons Or Body Of Individuals In The Income Of The Association Or Body
ITA, 1961
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Explanation using Example
Imagine a group of five freelance consultants who form an association of persons (AOP) to undertake a project. They agree to share the income from the project equally. The AOP earns a profit of ₹500,000 from the project. According to Section 86 of the Income-tax Act, 1961, each member's share of ₹100,000 (₹500,000 divided by 5) would not be taxed individ...
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