05-29-2010, 08:13 PM
<b>92. Principles of taxation of associations of persons.-</b> (1) An
association of persons shall be liable to tax separately from the members of the association and where the association of persons has paid tax the amount received by a member of the association in the capacity as member out of the income of the association shall be exempt from tax.
<b>
65. Miscellaneous provisions relating to tax credits.- </b> (1) Where the person entitled to a tax credit under this Part is a member of an association of persons to which sub-section (1) of section 92 applies, the following shall apply â
(a) component A of the formula in sub-section (2) of section 61, sub-section (2) of section 62, sub-section (2) of section 63 and sub-section (2) of section 64 shall be the amount of tax that would be assessed to the individual if any amount derived in the year that is exempt from tax under sub-section (1) of section 92 were chargeable to tax; and
(b) component B of the formula in sub-section (2) of section 61, sub-section (2) of section 62, sub-section (2) of section 63 and sub-section (2) of section 64 shall be the taxable income of the individual for the year if any amount derived in the year that is exempt from tax under sub-section (1) of section 92 were chargeable to tax.
(2) Any tax credit allowed under this Part shall be applied in accordance with sub-section (3) of section 4.
(3) Subject to sub-section (4), any tax credit or part of a tax credit allowed to a person under this Part for a tax year that is not able to be credited under sub-section (3) of section 4 for the year shall not be refunded, carried forward to a subsequent tax year, or carried back to a preceding tax year.
(4) Where the person to whom sub-section (3) applies is a member of an association of persons to which sub-section (1) of section 92 applies, the amount of any excess credit under sub-section (3) for a tax year may be claimed as a tax credit by the association for that year.
(5) Sub-section (4) applies only where the member and the association agree in writing for the sub-section to apply and such agreement in writing must be furnished with the associationâs return of income for that year.
Zeeshan bhai,,, AOP ka profit agar partner ki business income hay to us may add ho jaye ga, par chon k us profit par AOP already tax day chuki hay is liye agar sirf yehi income hoti partner ki to ye us k liye exempt thi, par agar us ki or bhi business income hay to phir AOP profit us ki business income may add kar k us ki tax liability nikali jaye gi or AOP rebate diya jaye ga,,,, missal k tor parâ¦
Mr A ki business Income 300000 hay or un ko 150000 AOP say profit mila hay to un ki total income 450000 ho gai hay,,,
450000 par tax rate 10% lagany say un ki tax liability 45000 nikalti hay,,,
Ab chon k AOP ka profit taxed hay is liye AOP rebate ki calculation k liye formula lagayen gay jo k ye hay..
AOP Rebate = AOP Share Income X Tax liability / Total Income
AOP Rebate = 150000 X 45000 / 450000
AOP Rebate = 15000
Ab ham Tax liability may say AOP rebate Less kar dayn gay
45000 â 15000 =30000
As tarhan 30000 tax dayna pary ga.
association of persons shall be liable to tax separately from the members of the association and where the association of persons has paid tax the amount received by a member of the association in the capacity as member out of the income of the association shall be exempt from tax.
<b>
65. Miscellaneous provisions relating to tax credits.- </b> (1) Where the person entitled to a tax credit under this Part is a member of an association of persons to which sub-section (1) of section 92 applies, the following shall apply â
(a) component A of the formula in sub-section (2) of section 61, sub-section (2) of section 62, sub-section (2) of section 63 and sub-section (2) of section 64 shall be the amount of tax that would be assessed to the individual if any amount derived in the year that is exempt from tax under sub-section (1) of section 92 were chargeable to tax; and
(b) component B of the formula in sub-section (2) of section 61, sub-section (2) of section 62, sub-section (2) of section 63 and sub-section (2) of section 64 shall be the taxable income of the individual for the year if any amount derived in the year that is exempt from tax under sub-section (1) of section 92 were chargeable to tax.
(2) Any tax credit allowed under this Part shall be applied in accordance with sub-section (3) of section 4.
(3) Subject to sub-section (4), any tax credit or part of a tax credit allowed to a person under this Part for a tax year that is not able to be credited under sub-section (3) of section 4 for the year shall not be refunded, carried forward to a subsequent tax year, or carried back to a preceding tax year.
(4) Where the person to whom sub-section (3) applies is a member of an association of persons to which sub-section (1) of section 92 applies, the amount of any excess credit under sub-section (3) for a tax year may be claimed as a tax credit by the association for that year.
(5) Sub-section (4) applies only where the member and the association agree in writing for the sub-section to apply and such agreement in writing must be furnished with the associationâs return of income for that year.
Zeeshan bhai,,, AOP ka profit agar partner ki business income hay to us may add ho jaye ga, par chon k us profit par AOP already tax day chuki hay is liye agar sirf yehi income hoti partner ki to ye us k liye exempt thi, par agar us ki or bhi business income hay to phir AOP profit us ki business income may add kar k us ki tax liability nikali jaye gi or AOP rebate diya jaye ga,,,, missal k tor parâ¦
Mr A ki business Income 300000 hay or un ko 150000 AOP say profit mila hay to un ki total income 450000 ho gai hay,,,
450000 par tax rate 10% lagany say un ki tax liability 45000 nikalti hay,,,
Ab chon k AOP ka profit taxed hay is liye AOP rebate ki calculation k liye formula lagayen gay jo k ye hay..
AOP Rebate = AOP Share Income X Tax liability / Total Income
AOP Rebate = 150000 X 45000 / 450000
AOP Rebate = 15000
Ab ham Tax liability may say AOP rebate Less kar dayn gay
45000 â 15000 =30000
As tarhan 30000 tax dayna pary ga.
