AOP TAXATION

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

  An AOP assessed to MMR of tax – liable to partial integration of agricultural income

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