Hi All
guys my querry : - what are application sections on joint venture under The Income Tax Act ?
Thx
5 Replies
Late CA Sampat Jain
(Chartered Accountant)
(4772 Points)
Replied 08 November 2007
depending on drafting of joint venture .......it can be AOP , PFAS or profit share directly assesable in the hands of beneficiary .......provision of income tax to apply accordingly.........
A HIGHLY TECNICAL ISSUE .........CONSULT OFFLINE ALSO
Amarjeet Singh
(Chartered Accountant)
(152 Points)
Replied 09 November 2007
Dear Ajay
Joint venture is not defined in the defination of person .As per section 2(31) person includes
(i) an individual
(ii) a Hindu undivided family
(iii) a company,
(iv) a firm
(v) an association of persons or a body of individuals, whether incorporated or not,
(vi) a local authority, and
(vii) every artificial juridical person, not falling within any of the preceding sub-clauses.
Accordingly nature of joint venture is depends on your method of registration & tax rate shall apply accordingly
vishal
(ca)
(70 Points)
Replied 16 November 2007
Hi Sampat
The Joint venture can be in following form
1. AOP
2. BOI
3. Company
4. Partenrship Firm
& PFAS means Partnership Firm assessed as such
All the aobve will depend upon the type of JV & it's JV Agreement
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