Is AOP taxable?

Is AOP taxable?

As per the Income Tax Act 1961, an AOP/BOI is a Separate Assessee. … Assessment of Association of Persons/Body of Individuals. PARTICULARS A B Average rate of tax(B/A*100) 4.835% 2.957% Rebate u/s 86 read with section 110 in respect of the share of profit from AOP(Share of AOP*Average rate of tax) (C) 20307 8280 Tax Liability of Members (B) –(C) 7253 6800 6 more rows

What is tax rate for AOP?

15% – Taxable income above ₹ 1 crore – Up to ₹ 2 crore. 25% – Taxable income above ₹ 2 crore – Up to ₹ 5 crore. 37% – If taxable income above ₹ 5 crore. Maximum Surcharge on income u/s 111A, 112A and 115AD is 15%

What is a peril insured against?

The takeaway. The meaning of “peril” in insurance is an event that could cause damage or losses to your home and property. Perils are typically named in your home insurance policy and include events such as fires, theft and vandalism. Flooding and earthquakes are typically not covered perils. Sep 15, 2020