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BORIVLI- KANDIVLI EAST CPE STUDY CIRCLE OF WIRC OF ICAI LEGAL & TAX ASPECTS IN AOP, BOI, JOINT VENTURES ON JULY PowerPoint Presentation
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BORIVLI- KANDIVLI EAST CPE STUDY CIRCLE OF WIRC OF ICAI LEGAL & TAX ASPECTS IN AOP, BOI, JOINT VENTURES ON JULY - PowerPoint PPT Presentation


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BORIVLI- KANDIVLI EAST CPE STUDY CIRCLE OF WIRC OF ICAI LEGAL & TAX ASPECTS IN AOP, BOI, JOINT VENTURES ON JULY 11, 2010 Presentation by : CA. TARUN GHIA ghiatarun@rediffmail.com tarunghiadirtaxes-subscribe@yahoogroups.co.in 9821345687. AOP – BOI. Meaning and distinction

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slide1
BORIVLI- KANDIVLI EAST CPE STUDY CIRCLE

OF WIRC OF ICAI

LEGAL & TAX ASPECTS IN AOP, BOI, JOINT VENTURES

ON JULY 11, 2010

Presentation by :

CA. TARUN GHIA

ghiatarun@rediffmail.com

tarunghiadirtaxes-subscribe@yahoogroups.co.in

9821345687

CA. Tarun Ghia

aop boi
AOP – BOI
  • Meaning and distinction

i. two or more persons

ii. voluntarily come together

iii. purpose : to produce income

Impact of Explanation to sec. 2(31) w.e.f. A.Y.

2002-03

  • Joint Venture vs. AOP

CA. Tarun Ghia

slide3
Governing Law
  • Stamp duty & Registration
  • AOP vs BOI

CA. Tarun Ghia

slide4
Partnership vs. AOP / BOI
  • Exceptions to AOP/BOI
  • Associations formed for particular events, purposes, for short duration
  • Partitioned HUF

CA. Tarun Ghia

slide5
Illegal Associations
  • Associations for illegal purposes
  • Erstwhile Partners of a dissolved firm

CA. Tarun Ghia

slide6
Partnership property in joint names of partners
  • Residential Status
  • Computation of Income of AOP/BOI

CA. Tarun Ghia

slide7
Charge of tax on AOP/BOI
  • When shares of members are indeterminate or unknown  
  • When shares of members are determinate and known
  • Computation of Members’ Shares in AOP/BOI

CA. Tarun Ghia

slide8
Income forming part of total income on which no tax payable
  • Income for rate purposes
  • Interest, Salary, bonus, commission, remuneration by AOP/BOI to members

CA. Tarun Ghia

slide9
Interest by AOP to member
  • Interest paid to member in a representative capacity
  • Interest paid to a member on behalf of another person
  • Interest etc. paid may include payable

CA. Tarun Ghia

slide11
Capital Gains in respect of AOP/BOI
  • Deductions under Chapter VI-A
  • Set off of losses of AOP/BOI
  • Filing of Return of Income of AOP/BOI
  • Is there an option to assess AOP or a member directly?

CA. Tarun Ghia

slide12
Notice and Assessment
  • Amendments to assessments
  • Assessment of Dissolved AOPs

CA. Tarun Ghia

wills and nominations
WILLS AND NOMINATIONS
  • Succession: testate or intestate and applicable laws
  • Succession of immovable property and movable property
  • Intestate / testate succession with or without nomination

CA. Tarun Ghia

slide14
Will and codicil – meanings - Essential characteristics –
  • Will to be signed in the presence of two witnesses.
  • Will: Nomination: power of Attorney: Gift: Other deeds: distinguishing features

CA. Tarun Ghia

slide15
Kinds of will
  • Capacity to make will
  • Intestate and testate succession for kinds of properties

CA. Tarun Ghia

slide16
Will by fraud, coercion etc. invalid. Ambiguity, blanks should be avoided. Cancellations , interlineations, typing mistakes, corrections to be countersigned and dated.
  • Implications of witnesses being legatees, executor being a legatee - effect of marriage on will.
  • Position of executor under a will - probate - letter of administration, succession certificate.

THANK YOU

CA. Tarun Ghia