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

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....ate of tax in the case of chamber of commerce registered u/s 25 of co.Act<br> Query (Issue) Started By: - GOPAL HARLALKA Dated:- 25-7-2015 Income Tax<br>Income Tax<br>Chamber of commerce is registered....

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.... 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.....

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.... 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.<br> Discuss....

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