Assessment of trust - Application of Maximum Marginal rate @ 30% ...

Income Tax

June 17, 2022

Assessment of trust - Application of Maximum Marginal rate @ 30% - To be treated as AOP u/s 164 or not - As such subsection (2) of section 164 of the Act provides to charge the tax on the part of income which is not exempt treating the same as income of the Association of persons. However, in the case on hand, the trust before us is not eligible for exemption under section 11 of the Act for the year under consideration. Therefore, the same cannot be treated as Association of persons in the manner as provided under subsection (2) of section 164 of the Act. - AT

View Source

← Previous Next →

Assessment of trust - Application of Maximum Marginal rate @ 30% ...

Income Tax

June 17, 2022

You may also like:

Assessment of trust/AOP - trust to be assessed in the status of AOP - religious trusts / deity - Levying tax at the maximum marginal rate instead of rates applicable to...

The trust is discretionary trust. Hence, it is liable to be assessed as per the provisions of Sec.164(1) at maximum marginal rate.

Denial of exemption u/s 11 & 12 - Assessment of trust - Taxation at Maximum Marginal Rate (MMR) - charging the assessee as per the provisions of section 164(1) or 164(2)...

Re-computation of income tax liability - to adopt the maximum marginal rate of 40% applicable under Section 164(1) - the maximum marginal rate could not be applied to...

Assessment of trust as Association of Persons (AOP) - family trust - rate of tax - maximum marginal rate or slab rates - Assessee family trust has only income from other...

Assessment of trust after denial of exemption u/s 11 - section 164 - the beneficiaries of the trust are unknown - The income of the trust shall be assessed at maximum...

Assessment of trust - Determinate Trust or indeterminate Trust - Section 164(1) - That Section comes into play only where any income or any part thereof is not...

Applicability of section 167B - taxing at maximum marginal rate - assessment of AOP - Unambiguous provisions of 167B(2), if income of any member (other than the share of...

Maximum marginal rate u/s 164 - answerability of trustees to beneficiary is limited to beneficiary of a particular trust as per Trust Act and it cannot be stretched or...

Assessment of trust - Rate of Tax - Maximum Marginal Rate (MMR) - The ld. AR of the assessee argued that the trust should be taxed based on the specific provision of...

Assessment of trust - Tax rate - provisions of Sec.167B applies to an AOP or BOI where its income is indeterminate or unknown then the tax shall be charged at the...

Status of a private discretionary trust - AOP OR Individual - The Ld. CIT(A) has interpreted the meaning of AOP - the subsequent amendment by explanation to section...

Assessment of Firm as AOP - in terms of section 167 the share of the members of AOP are indeterminate - In such case the whole of the income of such an AOP is to be...

Charging maximum marginal rate - Charitable society - validity of action of the CPC in calculating the tax at Maximum Marginal rates instead of the slab rates - Revenue...

In case of contravention of Section 13(1)(d), maximum marginal rate of tax under Section 164(2), proviso is applicable only to that part of income of the Trust which has...

Quick Updates: