Aop boi

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Student (Querist)
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14 November 2011 What is a AOP & BOI (know what they stand for)
Pls. give one example of each.

CA VISHAL RANA,CS,B.Com,AMFI

CA VISHAL RANA,CS,B.Com,AMFI (Expert)
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14 November 2011 AOP(Association of person)-persons may be company,firm,huf,individual as prescribed u/s 2(31).when two or more persons join to work for common purpose/object(there is no written agreement amongst members like partnership deed) is called AOP.

BOI(Body of individuals)-only individuals can be member ...while AOP must have common purpose its no so with BOI...where tax levied on BOI...the individual share from BOI will not taxable in hands of individual.

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