A.O.P SHOULD CONSIST OF
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Introduction. An association of persons (AOP) or a body of individuals (BOI), whether incorporated or not, is treated as a 'person' under section 2(31) of the Income-tax Act, 1961. Hence, AOP or BOI is treated as a separate entity for the purpose of assessment under the Income-tax Act.
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A.O.P should consists of group of individuals being Natural person or Artificial person or both formed to attain a common objective with mutual cooperation.
Explanation:
It is formed by writing a deed containing the common objectives, number of members with names, share of members, profit sharing ratios & byelaws i.e terms and conditions.
As per the Income tax act 1961, A.O.P is covered as a distinct legal entity under person definition.
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