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

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

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  1. 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

  2. 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

  3. Governing Law • Stamp duty & Registration • AOP vs BOI CA. Tarun Ghia

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

  5. Illegal Associations • Associations for illegal purposes • Erstwhile Partners of a dissolved firm CA. Tarun Ghia

  6. Partnership property in joint names of partners • Residential Status • Computation of Income of AOP/BOI CA. Tarun Ghia

  7. 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

  8. 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

  9. 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

  10. Transactions between AOP/BOI & Members inter se CA. Tarun Ghia

  11. 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

  12. Notice and Assessment • Amendments to assessments • Assessment of Dissolved AOPs CA. Tarun Ghia

  13. 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

  14. 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

  15. Kinds of will • Capacity to make will • Intestate and testate succession for kinds of properties CA. Tarun Ghia

  16. 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

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