Difference

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Ankit Tantia

Ankit Tantia (Querist)
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14 August 2009 What Is The difference betn AOP & Partnership Firm in broad Sense?

shanti prakash

shanti prakash (Expert)
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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.