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Taxation of AOP

praveen kumar (Student) (25 Points)

06 July 2020  

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?

 


 2 Replies

Ravi SADhiyan (Practice) (4504 Points)
Replied 06 July 2020

Originally posted by : praveen kumar
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?

 

If in AOP shares of members in known and All member Net Taxable Income less than basic exemption than TAX at slab rate otherwise MMR rate is applicable 30% +37%+4% 

sabyasachi mukherjee (6760 Points)
Replied 07 July 2020

No your knowledge is not fully correct.

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