04 June 2015
A BOI has only individual (human beings) as members in the group. An AOP can have non-individuals as members. BOI = Amit, Nitin, Asha AOP = Amit, Asha, X & Co,, Nestle Ltd. Both the above groups can form a partnership. But to be assessed as a partnership firm they must have a partnership deed in writing and must submit a copy of the deed to the income tax dept. If they fail to do so then the group will not be assessed as a firm but will be assessed either as BOI or AOP depending on the members in the group.
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