Section 66 - Substitution of now sections for section 167A - Direct Tax Laws (Amendment) Act, 1987

66. Substitution of now sections for section 167A In Chapter XV of the Income-tax Act, for the sub-heading DD .- Association of persons-special cases , and section 167A below it, the following shall be substituted, namely ;- DD .- Firms, association of persons and body of individuals 167A. Charge of tax in the case of a firm. In the case of a firm which is assessable as a firm, tax shall be charged on its total income at the maximum marginal rate. 167B. Charge of tax where shares of members in association of persons or body of individuals unknown, etc. (1) Where the individual shares of the members 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] in the whole or any part of the income of such association or body are indeterminate or unknown, tax shall be charged on the total income of the association or body at the maxi- mum marginal rate. (2) Where, in the case of an association of persons or body of individuals as aforesaid [not being a case falling under sub-section (1)], the total income of any member thereof for the previous year (excluding his share from such association or body) exceeds the maximum amount which is not chargeable to tax in the case of an individual under the Finance Act of the relevant year, tax shall be charged on the total income of the association or body at the maximum marginal rate: Provided that, where the total income of any member of such association or body (whether or not it exceeds the maximum amount aforesaid) is chargeable to tax at a rate which is higher than the maximum marginal rate, tax shall be charged on the total income of the association or body at such higher rate. Explanation .- For the purposes of this section, the individual shares of the members of an association of persons or body of individuals in the whole or any part of the income of such association or body shall be deemed to be indeterminate or unknown if such shares (in relation to the whole or any part of such income) are indeterminate or unknown on the date of formation of such association or body or at any time thereafter. .