AOP Taxation - Points to be Remembered
Wednesday, June 6, 2012
2-Share of members from AOP is exempt and included in member’s income only for rate purpose.
3- Calculation of tax liability of members
4- Same as mentioned above “Average rate formula” will be used while calculating tax credit / rebate for Donation / Mark up / APF contribution / Investment in shares. (Section-65)
5- How to determine salaried / non – salaried case
6- FTR income in the hands of members of AOP shall not be considered while calculating share of profit from AOP.
7- Following expensed paid to a member by AOP shall not be allowed as deduction to AOP for calculating AOP’S taxable income. (i-e) any amount received by members on account of above would be considered as share from AOP on accumulated basis.
- Any profit on debt,
- brokerage,
- commission or
- salary or other remuneration
9- Share of loss from AOP shall not be considered in the hands of members as the loss shall be C/F by AOP itself.
10- FTR income of AOP shall not be included in divisible income.
posted @ 10:08 AM,
5 Comments:
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At November 28, 2016 at 12:46 PM,
Most Wanted said...
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1 point is wrong, because there are slab rates for calculation of tax on AOP. 25% tax shall charge on small companies. other points also not confirm
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At February 4, 2019 at 3:32 PM,
Jone Smith said...
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At July 7, 2019 at 12:43 AM,
Unknown said...
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At January 30, 2021 at 4:44 PM,
silent.john said...
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You make so many great points here that I read your article a couple of times. Your views are in accordance with my own for the most part. This is great content for your readers. Taxation services London
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At March 9, 2022 at 12:19 PM,
Unknown said...
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Is divisible income of AOP is same as taxable income or it is net after tax deduction?
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