Taxation of aop
This query is : Resolved
07 February 2017
AN AOP BEING A SOCIETY UNDER SOCIETY'S REGISTRATION ACT BUT IS NOT REGISTERED UNDER 12A
SHARES OF MEMBERS ARE NOT DETERMINATE AND ALMOST ALL HAVE INCOME ABOVE TAXABLE LIMIT.
PLEASE ADVISE IF THEY CAN AVAIL OF BASIC EXEMPTION LIMIT? IF SO THEN WHICH ITR TO BE FILED ITR 5 OR ITR 7
SHARES OF MEMBERS ARE NOT DETERMINATE AND ALMOST ALL HAVE INCOME ABOVE TAXABLE LIMIT.
PLEASE ADVISE IF THEY CAN AVAIL OF BASIC EXEMPTION LIMIT? IF SO THEN WHICH ITR TO BE FILED ITR 5 OR ITR 7
07 February 2017
File ITR 5 and tax payable at maximum marginal rate.
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