Income Tax Slab for Association of Persons (AOP) and Body of Individuals (BOI): In previous article, we have discussed about the income tax slab/income tax rates for individual for A.Y. 2013-14. In this article we will discuss only about AOP and BOI.

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What is Association of Persons (AOP)?

First of all, you should know about what is Association of persons. It is also called AOP by its short name. AOP exists when two or more persons come together to do some business by aim of earning income jointly. The two persons can by anybody like individuals, company, association of BOI. It become automatically AOP when two or more person jointly works but do not form any firm.

What is tax rates /income tax slab for Association of Persons (AOP) A.Y. 2013-14, F.Y.2012-13?

The tax rates for AOP is as follows.

Income in Rs. Income Tax Rates in Rs.
When income exceeds Rs. 2 lakh NIL
When income exceed Rs. 2 lakh but less than Rs. 5 lakh 10%
When income exceed Rs. 5 lakh but less than Rs. 10 lakh (Rs.30,000) + 20% on amount exceeds Rs. 5 lakh
When income exceed Rs. 10 lakh (Rs.1,30,000) + 30% on amount exceed Rs. 10 lakh
Education cess is applicable @ 3%

What is Body of Individuals (BOI)?

BOI of individuals means some individuals work together to carry any business in views to earn income through the business activity. The difference between AOP and BOI is that BOI will be exist only when there is  only individuals but not a company or firm.

What is tax rates /income tax slab for Body of Individuals (BOI) A.Y. 2013-14, F.Y.2012-13?

The income tax rates applicable for BOI is as follows:

Income in Rs. Income Tax Rates in Rs.
When income exceeds Rs. 2 lakh NIL
When income exceed Rs. 2 lakh but less than Rs. 5 lakh 10%
When income exceed Rs. 5 lakh but less than Rs. 10 lakh (Rs.30,000) + 20% on amount exceeds Rs. 5 lakh
When income exceed Rs. 10 lakh (Rs.1,30,000) + 30% on amount exceed Rs. 10 lakh
Education cess is applicable @ 3%

 We will update you with reference to budget 2013-14 (for a.y.2014-15 or f.y.2013-14).

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