Income tax to aop
This query is : Resolved
22 August 2016
An AOP working for the benefit of specified group(Traders) is registered under Bombay Public Trust. Its object does not cover any object for the benefit of general public utility & having PAN as Trust. For assessment whether it is assesses as trust or AOP? How taxable income of AOP is considered? Whether AMT is applicable for AOP? If the AOP is assessed as trust by Income tax department on the basis of PAN, whether we insist department to assess it as AOP & avail basic exemption?
22 August 2016
As the object is not for the benefit of general public it has to be assessed as AOP. Insist the dept to be assessed as AOP. Change the PAN registration as trust to AOP. In case the members of the trust have taxable income no basic exemption is available to the AOP and charged at maximum marginal rate.
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