association of persons
This query is : Resolved
22 January 2009
Please do reply,
Assesse is a member of AOP, and it earned profit of Rs 40000/- from such AOP. Total income of AOP is 80000/-(below exemption limit) A.Y.2008-09. Whether share of profit of AOP is taxable in hands of Assessee ? please specify relevant section/notification/case law.....
Assesse is a member of AOP, and it earned profit of Rs 40000/- from such AOP. Total income of AOP is 80000/-(below exemption limit) A.Y.2008-09. Whether share of profit of AOP is taxable in hands of Assessee ? please specify relevant section/notification/case law.....
22 January 2009
Yes ------- Depends upon situation
Please read sec 67A along with section 167B (1) an 167B (2)
Please read sec 67A along with section 167B (1) an 167B (2)
23 January 2009
Dear Aryendra Sir, is this condition similer in Partnership Firms also? If its a firm instead of AOP, then whether tax shall be payable in hands of partners or not???
23 January 2009
Dear Tarun.
Not at all
Firm is liable to pay tax on his profit & share of profit is exempt in the hand of partners
Not at all
Firm is liable to pay tax on his profit & share of profit is exempt in the hand of partners
23 January 2009
yeah. i just skipped this provision. thanks
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- Sales return eway bill
- TAN for Partnership
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- STCG FOR GOLD ETFs
- Specified Profession
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- Tax liability on income of freelancer
- Loan by Partnership Firm
- Free lancer income
- Long Term Service award taxability in hands of company
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
