Share in Profit of AOP

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CA Manisha More (Querist)
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12 February 2011 Whether share of a member in the profit of AOP [ which is claiming deduction u/s 80IB(10) on its whole income ] is chargeable to tax since no tax is paid by AOP?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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12 February 2011 Share of a member of an AOP is decided on the basis of Net Taxable Income or Total Income.

As from the Gross Total Income of AOP it is allowed 100% deduction Under Chapter VIA,
Taxable Income will be NIL.

So No amount is required to be added.

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