Income Tax Rates for AOP, BOI - Income Tax - Ready Reckoner - Income Tax

Income Tax Rates for AOP, BOI AMT is 18.50% of Book Profit / Adjusted total income. For more details on Alternate Minimum Tax (AMT) , click here Sr.No. Section Income Rate of Income Tax 1 167B(1) Where the individual shares of the members of an association of persons or body of individuals (other than a company or a co-operative society or a society registered under the Societies Registration Act, 1860 (21 of 1860) or under any law corresponding to that Act in force in any part of India) in the whole or any part of the income of such association or body are indeterminate or unknown 30% (Maximum Marginal Rate) 3 167B(1) where the total income of any member of such association or body is chargeable to tax at a rate which is higher than the maximum marginal rate. Such higher rate 4 167B(2) the total income of any member for the previous year (excluding his share from such association or body) exceeds the maximum amount which is not chargeable to tax in the case of that member under the Finance Act of the relevant year. 30% (Maximum Marginal Rate) 5 167B(2) any member or members thereof is or are chargeable to tax at a rate or rates which is or are higher than the maximum marginal rate, tax shall be charged on that portion or portions of the total income of the association or body which is or are relatable to the share or shares of such member or members at such higher rate or rates, as the case may be, and the balance of the total income of the association or body shall be taxed at the maximum marginal rate. 6 Any other Case Normal Rate of Income Tax as applicable to Individual Note : - Surcharge, Education Cess and Secondary and Higher Education Cess or Health and Education Cess, as the case may be, are applicable in the same manner as applicable to Individual / HUF