Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights November 2017 Year 2017 This

Assessment of Firm as AOP - in terms of section 167 the share of ...

November 30, 2017

Case Laws     Income Tax     HC

Assessment of Firm as AOP - in terms of section 167 the share of the members of AOP are indeterminate - In such case the whole of the income of such an AOP is to be taxed at the maximum marginal rate, as being an AOP with indeterminate share - HC

View Source

 


 

You may also like:

  1. From the plain reading of section 167B, the taxability of an AOP is based on whether the members' shares are determinate or indeterminate. When indeterminate, tax is...

  2. Taxation of Association of person (AOP) u/s 167B - one of the member of AOP is an Non Resident i.e. HPI, a company registered in Canada and the income of this member is...

  3. The assessee was a member of syndicates (association of persons or body of individuals) and had received share of profits from them. The tax authorities sought to tax...

  4. Assessee is member of AOP and received interest as member of the AOP, hence as per section 67A, the income has to be computed in the hands of AOP and the share income...

  5. Reopening of assessment u/s 147 justified due to tangible material available with Assessing Officer (AO) to form reasonable belief regarding escapement of income....

  6. Assessment of trust - Determinate Trust or indeterminate Trust - Section 164(1) - That Section comes into play only where any income or any part thereof is not...

  7. Two key issues: 1) Assessment of rental income received by co-owners as income of an Association of Persons (AOP), and 2) Treatment of income from letting out a plinth...

  8. Capital gain - real owner of property - Addition in the hands of AOP or members of AOP - once the share of the respective member is allotted by the AOP then the AOP...

  9. Diversion of Revenue at Source - Reducing the business income being the share of profit of one of the members of AOP of the assessee - the computation of profit and...

  10. Income earned by the sale of the property - taxability lies in the hands of assessee AOP or the members of the assessee AOP - - it was the members of the assessee AOP...

  11. MAT computation - addition of share income of AOP in the book profit - The mischief which has been sought to be remedied is that the share income of the member of the...

  12. Interpretation of Section 220 of the Insolvency and Bankruptcy Code (IBC) regarding the constitution of the Disciplinary Committee. The key points are: The Disciplinary...

  13. Insertion of new section 270A - Penalty for underreporting and misreporting of income. - tax payable on under-reported income shall be calculated as if such...

  14. Status of assessee as "AOP" instead of "partnership firm" - The assessee firm was comprised of four individual partners who were representing their respective firms -...

  15. Assessment as AOP or not - income arising from the DMRC contract was not assessable to tax in the hands of AOP but each member of the AOP shall be separately assessable...

 

Quick Updates:Latest Updates