TAx rate

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 July 2010 what will be tax slab rate for an AOP(a RWA assessed as AOP),will they same exemption of Rs 1.60 lac and tax rate as per slab rate as a individual get ?from some people i get an opinion that AOP is assessed separately with no tax slab exemption with tax rate of highest % as applicable to its member,pl Advise the correct position?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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26 July 2010 Please mention full form of RWA.
Please also write whether the share of members is determinate (definite or fixed)
and whether the income of any member exceeds the taxable limit.

Querist : Anonymous

Querist : Anonymous (Querist)

26 July 2010 Resident Welfare Assocation,setup with as non profit organisation(but not registered u/s 12 of income tax act),no profit/fund can be distributed between members ,only activity of collecting of maintaince funds & using it ,misc income which is taxable is from bank interest or some vendor contract.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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31 July 2010 Tax rate:

upto 160000/- nil

160001/- to 300000/- (10% of total income minus 160000/-)

300001/- to 500000/- (14000/- +20% of total income minus 300000/-

above 500000/- (54000/- +30% of total income minus 500000/-)

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