Guide to .. Tax Management ,Tax Planning and Tax Saving
 

Rate of Tax for PFAOP / AOP [Under Section 167B]

  1. In case PFAOP/AOP (excluding a company, a co-operative society or a society registered under Societies Act 1860) where shares of its members are not known or are indeterminate and it does not have any such member whose income is taxable at a rate higher than MMR (Maximum Marginal Rate)—the total income of such PFAOP/AOP shall be taxable at MMR i.e.30.90 %.

  2. In the above case if PFAOP/AOP has any member whose individual income is taxable at a rate higher than MMR—the total income of such PFAOP/AOP shall be taxable at such higher rate.

B. Where shares of members of PFAOP/AOP are known or are determinate:

  1. In case total income [excluding share from PFAOP/AOPI of any member of PFAOP/ AOP does not exceed the exempted limit—the total income of such PFAOP/AOP shall be assessed to tax at same rates as are applicable to an individual.

  2. In case total income of any member of PFAOP/AOP exceeds the exempted limit—the total income of such PFAOP/AOP shall be assessed at MMR.

  3. In case PFAOP/AOP has any member whose total income (in case of companies only) is taxable at a rate higher than MMR, the total income of such PFAOP/AOP shall be split up in two parts—

    1. the share of income of the member whose income is assessable at a rate higher than MMR, this part of total income of PFAOP/AOP shall be taxable at such higher rate. –

    2. and balance total income of PFAOP/AOP shall be assessed to tax at MMR.

 
'Assessments' Under Income Tax Act. 1961.

More Topics ... Assessment of AOP / BOI

 

 




| About Us | Privacy Policy | Disclaimer | Sitemap |
© 2019 : IncomeTaxManagement.Com