Hello sir,
Good Evening,
I need a clarification about the difference between Cooperative Society and Association of Persons
If there is any difference, what are the tax implications for each
Please reply me as soon as possible sir
Thanks in advance:)
A cooperative is an autonomous association of people united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically controlled business.
There is no deference in Cooperative society and association of persons.
Society :- To give the legal form for any work/activity, individuals obtain the local registration from registrar of societies in respective state.
AOP :- Income tax Department as per section 2(31) of income tax act 1961, assessed it's income as association of person
CAclubindia
