AOP members collection is exempt?
prashant desai (190 Points)
11 March 2020if it is exempt under which section (ITR-5)
prashant desai (190 Points)
11 March 2020
CA Naveen Chand
(Chartered Accountant)
(12729 Points)
Replied 11 March 2020
Income of members received from AOP is EXEMPT if AOP paid tax @ MMR (Maximum Marginal Rate)
Otherwise , Income of Member of AOP shall be included in Total Income of members if AOP pays taxes @ Normal Rate. However , members can take benefit of Relief u/s 86 (after calculating surcharge and cess) .
prashant desai
(190 Points)
Replied 12 March 2020
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
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