| Question And Answer | |
|---|---|
| Subject: | AOP MMR tax rate |
| Category: | Income-Tax |
| Querist: | Subodh vora |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | AOP, APO, Tax rate |
| Date: | February 19, 2022 |
What is tax rate of AOP ( Members having taxable income). Is it Maximum Marginal Rate which at present 42 % ( including surcharge and cess) right from Rs 1/-
Where income of any member of AOP exceeds the maximum amount which is not chargeable to income-tax (i.e., basic exemption limit), the AOP shall be taxed at Maximum Marginal Rate i.e., 30 per cent plus surcharge and HEC as applicable.
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Will MMR apply to a Society registered under Societies Registration Act of that State.
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