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Itr for a.o.p

umesh (Student CA Final ) (147 Points)

31 October 2013

AOP ARE TAXED ON BASIS OF SLAB RATES....

WHICH ITR IS TO BE FILLED FOR AOP....?????

IF ITR 5 THEN IT IS CHARGING 30% TAX RATE.....PLZ REPLY AS SOON AS POSSIBLE

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If slab rates are applicable to your AOP BOI then you can calculate the tax yourself and enter the values.

But if you use " calculate tax" option it will calculate tax @ 30% for following reason

as per section 167B

Maximum marginal rate is applicable for AOP/BOIs

if (i) share of members is indeterminate

(ii) shares of members are determinate and members have taxable income

Also please note that CBDT has clarified by circular No 320 of 11/1/1982 that in case of registered societies, trade and professional associations, social and sports clubs, charitable and religious trusts where the members are not entitled to any share in the income of AOP, the provisions of section 167B will not apply and tax rates will be as per the slabs and not maximum marginal rate.

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