depending on drafting of joint venture .......it can be AOP , PFAS or profit share directly assesable in the hands of beneficiary .......provision of income tax to apply accordingly.........
A HIGHLY TECNICAL ISSUE .........CONSULT OFFLINE ALSO
Dear Ajay
Joint venture is not defined in the defination of person .As per section 2(31) person includes
(i) an individual
(ii) a Hindu undivided family
(iii) a company,
(iv) a firm
(v) an association of persons or a body of individuals, whether incorporated or not,
(vi) a local authority, and
(vii) every artificial juridical person, not falling within any of the preceding sub-clauses.
Accordingly nature of joint venture is depends on your method of registration & tax rate shall apply accordingly
Hi Sampat
The Joint venture can be in following form
1. AOP
2. BOI
3. Company
4. Partenrship Firm
& PFAS means Partnership Firm assessed as such
All the aobve will depend upon the type of JV & it's JV Agreement
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