Taxation of aop
This query is : Open
17 October 2012
I am residing in Flat Building and it has been registered as AOP under Income Tax Act. Our CA has file our return(manually)for first time in AY 2011-12 showing income of Aprx. Rs. 27000 to get the Refund of Rs.5500 deducted on account of FD & SB Interest on the members deposit for the Maintenance of Building. Now ITD has raised a demand of Rs.9000 @30% of tax on income. Now what to do please suggest.
17 October 2012
Please check if the all the members of AOP have income below basic exemption.Then the AOP will also get basic exemption. Otherwise highest marginal rate is applicable. Hence AO is right.
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17 October 2012
There are total 12 members residing in Building and some of file return but i dont know whether who has income below basic exemption limit. Sir please suggest the best way to Get the refund
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