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Body of individuals

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(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.
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CA R SEETHARAMAN

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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
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