Dear Sir/ Madam,
Kindly explain about the followings:
1. Association of Persons
2. Body of individuals.
Thank you.
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Meaning of Association of Persons and Body of Individuals
Replies (1)
when persons combine together for promotion of joint enterprise they are assessable as AOP.They must join in a common purpose, common action and their object must be yo produce income.
Body of Individuals denotes the status of persons like executors or trustees who merely receive the income jointly and who may be assessable in like manner and to the same extent as the beneficiaries individually.
Body of Individuals denotes the status of persons like executors or trustees who merely receive the income jointly and who may be assessable in like manner and to the same extent as the beneficiaries individually.
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