Become a Certified GST Practitioner. Batch begins 18th Nov. Register Now!

INCOME TAX LANGUAGE

NARENDRA (ACCOUNTS MANAGER) (1988 Points)

11 August 2023

Whether total income of any member of the AOP/BOI/executor of AJP (excluding his share from such association or body or executor of AJP) exceeds the maximum amount which is not chargeable to tax in the case of that member?

Oops , hard to understand such language .......... I even tried to translate it into Hindi........... Please help me out ?

while filling AOP ITR

Reply
Follow
Share

6 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (176768 Points)
Replied 11 August 2023

Check total income of INDIVIDUAL..

Which individual.... member of AOP/BOI/executor....

What to check... if his/her total income exceeds 2.50L or 3 lakhs or 5 lakhs... as per his/her age... (condition : do not include income from the share holding from AOP/BOI...)

If yes.... then

NOT in Query..... but completing the rule....

tax liability over the AOP/BOI.... will be... at Maximum Marginal Rate (MMR)...

Otherwise.....

2 Like

Upgrade to CAclubindia Pro. Subscribe Now!

NARENDRA (ACCOUNTS MANAGER) (1988 Points)
Replied 11 August 2023

Tax Liability, But at what rate sir ??

1 Like

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (176768 Points)
Replied 11 August 2023

Either at MMR or.... at slab rate !!!

2 Like

NARENDRA (ACCOUNTS MANAGER) (1988 Points)
Replied 11 August 2023

Thank You Sir............

1 Like

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (176768 Points)
Replied 11 August 2023

You are welcome..

Upgrade to CAclubindia Pro. Subscribe Now!

NARENDRA (ACCOUNTS MANAGER) (1988 Points)
Replied 16 August 2023

Originally posted by : Dhirajlal Rambhia
	Check total income of INDIVIDUAL.. Which individual.... member of AOP/BOI/executor.... What to check... if his/her total income exceeds 2.50L or 3 lakhs or 5 lakhs... as per his/her age... (condition : do not include income from the share holding from AOP/BOI...) If yes.... then NOT in Query..... but completing the rule.... tax liability over the AOP/BOI.... will be... at Maximum Marginal Rate (MMR)... Otherwise.....

Sir, Whether individual income matters for filling AOP Return ?? If any member has more than 10 Lac income & if it is an exempt income then what ?? Another point is the ratio, there is an option to write a member's sharing ratio , is it compulsory to mention it ??