What is difference between aop and boi

This query is : Resolved

sadashiv Rupchand Gaikwad (Querist)
Follow

08 June 2012 What is difference between Association of Person & Body of Individual, Artificail Judicial person, Charitable Trust, Co-op Society and detail difference of All consittution in a simple, easy and lucid language

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

08 June 2012 BOI - Body of Individual was the concept in the ancient Portugal times which is still used in Indian Income Tax. Charitable trust is AOP. The trust is registered under Indian Trust Act. Society is registered under Co operative Societies Act. It is taxed as a separate entity... as co operative society. (A small point.... Co operative Societies Act 1960 is for societies. The earlier Act of 1860 is for trust.)

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

08 June 2012 BOI - Body of individuals.... the income of husband and wife was used to be taxed as BOI. No such new case in today's income tax.In USA, this concept is still in vogue.

Upgrade to CAclubindia Pro. Subscribe Now!

sadashiv Rupchand Gaikwad

sadashiv Rupchand Gaikwad (Querist)
Follow

10 June 2012 Whether Co-op Housing Society is BOI of HUF.Tribunal Board want to depoist into Bank. Nationalised Bank ask PAN.Under what catagory Tribunatl Board, Insurance Regulatroy Board, Unrgistered Mahila Bachat Gat{Women' Self Help Group} & Apartment Building can obtainin PAN.