my client has unregistered private trust, how tax calculation compute ?
what is mmr ?
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unregistered trust
Replies (3)
A public Charitable Trust not registered would be chargeable to tax as an AOP (association of persons). The total income of the AOP/BOI is taxable, either at the rates applicable to an individual, or at the maximum marginal rate or at a rate higher than maximum marginal rate,
if shares of beneficiaries are determinate then it will be taxable in the hands of individual beneficiaries. and not as AOP rate
good clarification and information
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