AOP ( resident association) which has got income ₹350000 which includes (ie surplus from mutuality ) , interest from FD and advertisement income.
majority of members of it have got income above basic exemption limit.
a, how tax liability been calculated
slab rate or MMR
b, how to show same in itr, whether surplus from mutuality also disclosed or only other income
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AOP - Tax liability
Replies (4)
Quick Summary
Tax should be calculated on Maximum Marginal Rate or MMR.
Income should be shown as other sources
Income should be shown as other sources
ONLY INCOME FROM FD AND ADVERTISEMENT IS TO BE DISCLOSED? OTHERS ARE NOT TAXABLE RIGHT?
All types of income to be disclosed and considered. IF AOP members shares are determinate and members are showing income proportionately, then no income taxable in AOP return. income will be included in return of members.
Itr 5 should be filed.
ONLY INCOME FROM INDIVIDUAL MUST BE DISCLOSED.
ONLY INCOME FROM INDIVIDUAL MUST BE DISCLOSED.
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