Basic tax exemption limit for NGOs
This query is : Resolved
12 June 2008
Whether NGO registered under society registration Act 1860 can be assessed as AOP ?
If Yes what will be the basic tax exemption limit applicable in that case
If Yes what will be the basic tax exemption limit applicable in that case
12 June 2008
Can be assessed as an AOP.
There is no basic exemption limit for AOP. It depends on the income of the members.
If non of the members has income exceeding the basic exemption limit(applicable to indivisual), the basic exemption is available to the AOP as well.
In other cases, highest marginal rate is applicable.
There is no basic exemption limit for AOP. It depends on the income of the members.
If non of the members has income exceeding the basic exemption limit(applicable to indivisual), the basic exemption is available to the AOP as well.
In other cases, highest marginal rate is applicable.
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