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.....
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???
CAclubindia
