Taxation of aop
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 December 2015
A conference was held by a group of doctors, PAN of conference was applied as AOP. Participation fees was collected for the participants and all expenses of the said conference was met out of the same. After all expenses some surplus was there. My query is that do i need to pay any tax on the surplus and how to file the income tax return in this case?
10 December 2015
Income Tax Rates
i) Income up to 2.5 lakh NIL
ii) Income From 2.5 Lakh to 5 Lakh 10% on income over Rs. 2.5 Lakh
iii) Income from 5 Lakh to 10 Lakh Rs. 25,000/- plus 20% on above income 5 lakh
iv) Income above 10 lakh Rs. 1 lakh 25 thousand plus 30% on income above 10 lakh
v) Surcharge will be applicable @ 10% when total taxable income is over 1 crore
vi) 3% Education Cess, Secondary & Higher Education Cess will be applicable on income tax & surcharge
Income Tax Rates
i) Income up to 2.5 lakh NIL
ii) Income From 2.5 Lakh to 5 Lakh 10% on income over Rs. 2.5 Lakh
iii) Income from 5 Lakh to 10 Lakh Rs. 25,000/- plus 20% on above income 5 lakh
iv) Income above 10 lakh Rs. 1 lakh 25 thousand plus 30% on income above 10 lakh
v) Surcharge will be applicable @ 10% when total taxable income is over 1 crore
vi) 3% Education Cess, Secondary & Higher Education Cess will be applicable on income tax & surcharge
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