Joint Venture vs. Consortium under Income Tax in India: A Detailed Analysis Navigating the intricacies of income tax law in India requires a clear understanding of various business structures, including joint ventures and consortia. While both involve collaboration between entities, their legal and tax implications differ significantly. This article delves into the distinctions between joint […]
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Essence of ‘Association’ Depends on the Facts of Each Case Under Income Tax in India Determining whether an "Association of Persons" (AOP) exists under the Income Tax Act, 1961, is a recurring and often complex issue. Unlike companies or firms, an AOP is a less formally defined entity, and its existence hinges primarily on the
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Illegal Association of Persons (AOP) Under Indian Income Tax Law: A Comprehensive Guide The Income Tax Act, 1961, recognizes various forms of entities for taxation purposes, including individuals, Hindu Undivided Families (HUFs), companies, firms, and Association of Persons (AOPs). While an AOP is a legitimate form of assessment, there are instances where an association can
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Co-owners Under Person in Income Tax: An Indian Law Perspective Co-ownership of property is a common phenomenon in India, especially in real estate. Understanding how income from such properties is taxed under the Income Tax Act, 1961, is crucial for co-owners to comply with the law and optimize their tax liabilities. This article delves into
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Connotation and Meaning Under "Person" in Income Tax: An Indian Law Perspective Understanding the definition of "person" under the Income Tax Act, 1961, is crucial for determining tax liability. This definition is broader than its ordinary meaning and includes various entities beyond individual human beings. This article delves into the connotation and meaning of "person"
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Association of Persons (AOP) Under Indian Income Tax: A Comprehensive Guide An Association of Persons (AOP) is a concept crucial to understanding income tax implications in India. It's a significant category of assessees, distinct from individuals, Hindu Undivided Families (HUFs), companies, firms, and others. This article provides a detailed overview of AOPs under Indian Income
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