Answers On Topic: Association of persons (AOP)
Hello experts for an AOP which is a residential welfare association what do u mean by MMR. SHares are not determinable and hence MMR is applicable. Does MMR include surcharge also at the highest rate or does the surcharge remains as per the slabs. Income of AOP is 42 lakhs for FY 2021-22 Can u someone let me know what is the tax rate including surcharge(if any) for the above income. Above income is the interest income and other source income for the AOP. If possible quote the section so that we can advise the client along with the provision…
► Read Answer
AOP assessed at MMR of tax is paying tax at 30% with no exemption and tax is not levied based upon slab rates. It has non agricultural income of Rs 3,00,000/- and Agricultural income of Rs 40,00,000/- One of the basic condition of partial integration is that it should have non ari income above the exemption limit. Since this is an AOP taxed at MMR it has no exemption limit. In such a case will partial integration of the agricultural income be justified? The AO claims its justified. Since the AOP is not taxed at slab rates, the AO has…
► Read Answer
A family trust having income by way of mainly dividend income. Share is defined and all their individual incomes are over maximum amount not chargeable to tax. Question is whether in the case of surcharge the portion of dividend income will be restricted to 15% as per finance act or full 37% need to be charged or it will depend on surcharge slab as per total income.
► Read Answer
Assessee and 10 others friends have purchase two plots in The year 2019.and decided to do the construction. Also got the plan approved from Local authority in the name assessee and others. All the owners of land have executed MOU cum declaration where they have mentioned that all have agreed to open Escro account and which will be operated by assessee and one more person from remaining land owners. Each owner will contribute amount require for construction in the same proportion of their ownership of land. In the said declaration they have also mentioned the ratio of profits and losses…
► Read Answer
AOP TAXATION