(1) If the total income of a member of an association of persons or a partner in a firm includes share of income arising from such association of persons or firm, tax at the average rate shall not be payable on the said share of income.

(2) The average rate of tax shall be calculated according to the following formula, namely:—

T= A x (B/C) where-

T = tax at average rate;

A = tax computed on total income (including income from association of persons or firm),

B = share of income received from association of persons or firm;

C = total income including income received from association of persons or firm.