AOP
This query is : Resolved
26 March 2009
what is difference between, Association of persons & body of individuals, under what sec income tax gives exemption to this two Persons. whether the BOI & AOP Enter into Partership.
CA. B.SRINIVASULU
(Expert)
26 March 2009
Where the shares of the members are clearly defined then they are called as Association of Persons.
Where the shares of the members are not fixed and it varies from transaction to transaction or activity to activity with no predefined sharing terms then they are called as Body of Individuals. That is the reason why BOI is charged at maximum marginal rate.
AOP and BOI being two diferrent entitites under law can enter into Partnership.
Where the shares of the members are clearly defined then they are called as Association of Persons.
Where the shares of the members are not fixed and it varies from transaction to transaction or activity to activity with no predefined sharing terms then they are called as Body of Individuals. That is the reason why BOI is charged at maximum marginal rate.
AOP and BOI being two diferrent entitites under law can enter into Partnership.
Manmohan ACA, CS
(Expert)
26 March 2009
• In case of BOI, only individuals can be the members, whereas in case of AOP, any person can be its member i.e. entities like Company, Firm etc. can be the member of AOP but not of BOI.
• In case of an AOP, members voluntarily get together with a common will for a common intention or purpose, whereas in case of BOI, such common will may or may not be present.
• In case of an AOP, members voluntarily get together with a common will for a common intention or purpose, whereas in case of BOI, such common will may or may not be present.
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