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AOP/BOI incorporation

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AOP/BOI incorporation

 19,999.00  9,999.00

AOP/BOI overview

Association is Persons (AOP) means a group of people who comes together to achieve a common objective with same mind sets. Members in the AOP can be natural (Human beings) or artificial (Artificial Persons-e.g. company, LLP, etc.)

Body of Individuals (BOI) means a group of Individuals (Human Beings) who come together to achieve a common objective.

There is no separate governing body for the both the AOP and BOI, they are self-driven with natural law of justice, customs and cultures that a person usually follows in the society.

Description

Documents required for incorporation of AOP/BOI

Since AOP/BOI is recognized as person under section 2(31) of the Income Tax Act 1961 it has to be assessed to tax separately hence there need a of Permanent Account Number (PAN) to be applied first for the AOP/BOI. Also, the PAN is required for operating a bank account.

To get PAN the Management of AOP/BOI shall fill Application for PAN i.e. in Form 49A and shall pay the prescribed fee along with application and shall submit such application along with only a Notarized Deed.

Now the management will carry on the business of AOP/BOI or work towards the common objective for which it was formed. AOP/BOI may or may not earn profit/loss as a result of the operations. In case the AOP / BOI is formed with an objective of carrying business and earning profits let us evaluate the taxation of such profit or loss.

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