TaxTMI 
TaxTMI 
Rate of Tax applicable for AOP - share of member is unknown
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....ate of Tax applicable for AOP - share of member is unknown<br> Query (Issue) Started By: - Bipin Parmar Dated:- 19-8-2021 Last Reply Date:- 20-8-2021 Income Tax<br>Got 2 Replies<br>Income Tax<br>Dear Sir / Madam, What's rate of tax applicable on the income earned by AOP - share of members is unknown created for the benefit of persons employed in such business? Thanks & Regards Bipin Reply ....
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....By ARVIND JAIN: The Reply: @Maximum Marginal Rate 167B. Charge of tax where shares of members in association of persons or body of individuals unknown, etc. (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 ....
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....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, tax shall be charged on the total income of the association or body at the maximum marginal rate : Provided that, where the total income of any member of such association or body is chargeable to tax at a rate which is higher than the maximu....
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....m marginal rate, tax shall be charged on the total income of the association or body at such higher rate. Reply By Bipin Parmar: The Reply: Dear Sir, Thank you for response. I would like to draw your attention to Income Tax Circular : No. 320 [F. No. 131(31)/81-TP(Pt.)], dated 11-1-1982. which says "the provisions of new section 167A will not be attracted and, accordingly, tax will be paya....
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....ble in such cases at the rate ordinarily applicable to the total income of an association of persons and not at the maximum marginal rate. So which will apply as per act or as pre circular?<br> Discussion Forum - Knowledge Sharing ....