Dear Colleagues,
I have one small query on Taxability of AOP. There is a flat association which is formed as Association of Persons (AOP) under Income Tax Act, and their main objective is to maintain the flats by collecting maintenance receipts from the members and spending for the flats. Apart from that, the AOP is having some FD's in the bank where they use to get FD interest. Now, if suppose the AOP is getting net taxable income, how this income will get taxed in the hands of AOP under Income Tax Act, 1961?
CAclubindia
