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. 2014-15 & A.Y.2015-16. In this article we will discuss only about AOP and BOI income tax slab rates.

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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.

Income Tax Slab on AOP & BOI for A.Y. 2015-16

 
Income
Tax Rates
i)Income up to 2.5 lakhNIL
ii)Income From 2.5 Lakh to 5 Lakh10% on income over Rs. 2.5 Lakh
iii)Income from 5 Lakh to 10 LakhRs. 25,000/- plus 20% on above income 5 lakh
iv)Income above 10 lakhRs. 1 lakh 25 thousand plus 30% on income above 10 lakh
v)Surcharge will be applicable @ 10% when total taxable income is over 1 crore
vi)3% Education Cess, Secondary & Higher Education Cess will be applicable on income tax & surcharge

Income Tax Slab on AOP & BOI for A.Y. 2014-15

 
Income
Tax Rates
i)Income up to 2 lakhNIL
ii)Income From 2 Lakh to 5 Lakh10% on income over Rs. 2 Lakh; Less: Tax Credit - 10% of taxable income up to Rs.2000/- maximum
iii)Income from 5 Lakh to 10 LakhRs. 30,000/- plus 20% on above income 5 lakh
iv)Income above 10 lakhRs. 1 lakh 30 thousand plus 30% on income above 10 lakh
v)Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
vi)3% education cess will be applicable on income tax & surcharge

Income Tax Slab on AOP & BOI A.Y. 2013-14

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.

NOTE: Tax rebate of Rs.2000 for individuals having total income upto Rs. 5 lakh will not be available to HUF, AOP, BOI etc. 

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One Response to Income Tax Slab for AOP & BOI [A.Y. 2015-16] & [A.Y. 2014-15]

  1. OMPRAKASH B JAIN says:

    dear sir,
    pls suggest me i am file the I.T. RETURNS ON F.Y. 2003-2004. THAT TIME I EARNED INCOME FROM SALARIES.
    THAN AFTER I AM NOT FILING THE RETRUNS , IN BETWEEN I AM ONCE AGAIN SALARIESD PERSON FROM F.Y.2008 BUT NOT TAXABLE INCOME , SO
    MY QUESTION IS THAT IT IS COMPALSARY TO FILE THE RETURNS EVERY YEAR PLS. GUIDE ME THANKS

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