Taxation for AOP and BOI
The income tax Act prescribes a specific mode for calculation of income and taxability in the case of Association of Persons.
What is AOP and BOI?
An association of persons means an association in which two or more persons join in a common purpose or common action. The term person includes any company or association or body of individuals, whether incorporated or not. An association of persons may have companies, firms, joint families as its members
Computation of Income?
The total income under the different heads i.e. Income from house property, Profits or gains of business or profession, Capital gains, and income from other sources shall be worked out ignoring incomes which are exempt.
How RCCO assist in Filing?
- Collective meeting with association members
- Collection of data
- Preparation of Books of accounts
- Derivation of Income and Expenditure account
- Drafting Receipts and Payments account
- Finalizing Balance sheet and Profit & Loss
- Filing Income Tax Return
Who can be AOP and BOI?
Apartment associations
Community associations
Welfare Organizations
