Taxation of political party and elctoral trust
This query is : Resolved
21 March 2017
What is the tax rate applicable on incomes of political party and electoral trust other than those exempt u/s 13A and 13B respectively (eg:- PGBP for PP and IOS for ET) and which type of "person" are they for assessment purposes under income tax act,1961 ?
22 March 2017
They will fall under trust. File ITR 7. Individual slab rates applicable for business income.
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22 March 2017
thanks for rply sir. Sir i read somewhere on caclub that political parties are BOI not AOP. Is it corret sir?
Further ET are formed as NPO companies....so acc to u they get AOP(T) PAN.....so both PP and ET get slab benefit right sir?
Further ET are formed as NPO companies....so acc to u they get AOP(T) PAN.....so both PP and ET get slab benefit right sir?
22 March 2017
They get exempted trust slab benefit.
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22 March 2017
One more question sir.
Whether cooperative society is an AOP or AJP?
Whether cooperative society is an AOP or AJP?
23 March 2017
It is an AOP....................
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24 March 2017
Sir, when in case of charitable and religious trust slab rates apply and when Maximum marginal rate (30%) ?
25 March 2017
Slab rates applicable when exemption provisions are complied. Maximum marginal rate applicable wherever non compliance of exemption provisions.
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