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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 June 2014 One of our client is having a Taxed income from AOP(at normal rate) and income from IFOS. In order to claim rebate u/s 86 for them in IT return where it is to be shown.And what form applicable for a member of AOP.Can someone give detailed explanation

Amol S Joglekar

Amol S Joglekar (Expert)
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05 June 2014 file itr2. Show the income/share from AOP under income4 from other sources as well

Querist : Anonymous

Querist : Anonymous (Querist)

05 June 2014 AOP income is taxed at Normal Rate.
So as per sec.86 of IT Act member of an AOP who gets Taxed share income from AOP get a rebate on his tax liability by way of this method: Tax on Total Income/Net Assessable Income* Taxed Income from Associates.
In order to claim the above rebate on which part of ITR we should show his income from associates and claim rebate?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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08 June 2014 1. you need to file ITR -4

2. the profit is to be shown under sheet "EI" ie exempt income. and normally you should be covered under proviso (a) to section 86.

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