NARENDRA (ACCOUNTS MANAGER) (2062 Points)
11 August 2023Whether 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
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(179906 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.....
NARENDRA
(ACCOUNTS MANAGER)
(2062 Points)
Replied 11 August 2023
Tax Liability, But at what rate sir ??
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(179906 Points)
Replied 11 August 2023
Either at MMR or.... at slab rate !!!
NARENDRA
(ACCOUNTS MANAGER)
(2062 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 ??
6 days Certification Course on GST Practical Return Filing Process
CAclubindia
