15 August 2009
AOP and partnership both are assessabler to tax as they are both are covered under the definition of "person" under section 2(31) of the Income-tax Act, 1961. the basic difference between the AOP and partnership entity is that AOP is assessable to tax as an individual whereas partnership firms are chargeable to tax @33.99%.Partners willget the exemption of share of profit from partnership firm but there is no such provision as far as AOP is concerned.
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