Aop taxation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 June 2017
Respected sir,
A society/trust which is not registered under section 12 AA of the Income Tax Act and it carries out charitable objects.
Can it not claim basic exemption limit under Income Tax Act as an AOP? Is MMR Maximum Marginal Rate applicable ? Further the shares of members have not been defined and members individual income is above basic exemption limit. Please advise.
A society/trust which is not registered under section 12 AA of the Income Tax Act and it carries out charitable objects.
Can it not claim basic exemption limit under Income Tax Act as an AOP? Is MMR Maximum Marginal Rate applicable ? Further the shares of members have not been defined and members individual income is above basic exemption limit. Please advise.
Amol S Joglekar
(Expert)
27 June 2017
It can claim the basic exemption. Unfortunately the software which is handled by Income Tax Department does not give such basic exemption....resulting into heavy demands.
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