An AOP has been registered solely for the purpose of Collecting donations from public and carrying out Charitable activies out of such donations received. Now it wants to be registered under Sec 12 A. For such purpose, Income Tax Returns for the last 3 years are to be submitted. Whether Tax is payable on Net Profit or Total Receipts in the form of Donations?
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Taxability of aop
Replies (2)
It depends if the members of AOP have taxable incomes or not and whether there is a profit or not.
All the members have taxable income and there is no surplus.
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