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.

Amol S Joglekar

Amol S Joglekar (Expert)
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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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