Body of individuals
This query is : Resolved
vyomkesh verma
(Querist)
27 July 2021
Is body of individuals is a taxable intity when there is only moto to save some amount from each members for their future expenses.?
please provide a draft note for forming a body of individuals with the said moto. also please explain if there will be any IT liability as the amount considered from each individual will be below 3lakh per annum.
please provide a draft note for forming a body of individuals with the said moto. also please explain if there will be any IT liability as the amount considered from each individual will be below 3lakh per annum.
CA R SEETHARAMAN
(Expert)
27 July 2021
Tax payable on income earned out of yearly contribution.
See the link for more information.
https://medium.com/nitinjogad/all-about-association-of-persons-aop-or-body-of-individuals-boi-fdff19a074fa
See the link for more information.
https://medium.com/nitinjogad/all-about-association-of-persons-aop-or-body-of-individuals-boi-fdff19a074fa
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