Rate of tax in the case of chamber of commerce registered u/s 25 of co.Act, Income Tax

[GOPAL HARLALKA]

Chamber of commerce is registered u/s 25 of the Co. Act 1956, Chamber is not registered u/s 12A of the Incometax.

There is surplus of income over expenditure. A.O has calculated tax at maxium marginal rare i.e. 30%

Is A.O. correct. There is circular no.320 dated 11/01/1982 . According to the circular tax will payable at rate

ordinarily applicable to the total income of an A.O.P. and not at the maxium marginal rate.