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Difference

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(Querist)
14 August 2009 What Is The difference betn AOP & Partnership Firm in broad Sense?
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shanti prakash

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shanti prakash (Expert)
15 August 2009 AOP and partnership both are assessabler to tax as they are both are covered under the definition of "person" under section 2(31) of the Income-tax Act, 1961. the basic difference between the AOP and partnership entity is that AOP is assessable to tax as an individual whereas partnership firms are chargeable to tax @33.99%.Partners willget the exemption of share of profit from partnership firm but there is no such provision as far as AOP is concerned.
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