Date                     : 21st August, 2020 [Friday]

Time                    :  5.00 PM - 7.00 PM

Topics                  :  A to Z of AOP & BOI under the Income Tax Act, 1961

Faculty                :  CA. (Dr.) Girish Ahuja Ji

Webex Link    :  https://bit.ly/VoCA_21Aug

Topic Coverage: Provisions Governing Taxation of Association of Persons (AOP) and Body of Individuals (BOI) (Special coverage by India’s best Direct Tax Faculty not other than CA (Dr.) Girish Ahuja Ji)

*This opportunity exclusively available on VOCA platform with the hands of Dr. Girish Ahuja Ji.  Such opportunity will not be available in North India in next few months. So, Grab the opportunity!

Key areas to be covered in above webinar by CA. (Dr.) Girish Ahuja Ji:
1.    Seven Categories of AOP/BOI for tax treatment

• 1)    Co-operative Society
• Deductions under Chapter VIA
• 2)    Society Registered under the Societies Registration Act, 1860
• 3)    Mutual Association
• Principal of Mutuality
• Special provision for deduction in case of Trade, Professional association u/s 44A
• 4)    Private Trust (Section 161, 164(1))
• 5)    Charitable Trust
• Creation and Registration of Trust u/s 12AA
• Detailed discussion on Exemption(s) available u/s 11 to 13
• Treatment of Business Income of Trust
• Return of Income of charitable trusts and institutions u/s 139(4A) & (4C)
• Taxability of the Income of the charitable or religious Trust & Tax Rates
• 6)    Oral Trust (Section 160, 164A)
• 7)    Other AOP/BOI

2.    Computation of Income Tax of AOP & BOI

• 1)    Tax Liability calculation
• Where share of Members are Known
• Where share of Members are not Known
• 2)    Tax Slab Rates & Surcharge
• 3)    Treatment of Share of Income in the Hands of Member of AOP/BOI
• Where AOP/BOI has paid tax at Maximum Marginal Rate or higher rate
• Where the AOP/BOI has paid tax at same rates as applicable to an Individual
• 4)    Exemptions/Deductions

• 1)    Treatment of Interest, Salary, Bonus, Remuneration and Commission
• 2)    Interest paid by a member on capital borrowed for investment in AOP/BOI

4.    Treatment of Alternate Minimum Tax (AMT) u/s 115JC and 115JD
5.    Tax Planning issues
6.    Important Judicial Pronouncements

Fees: Your Blessings only.

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  III. GST Update:

1.   Mahalakshmi Mahila Sangha, Karnataka, Advance Ruling No. KAR/ADRG/36/2020, Date: 21.05.2020

Facts of the case:

The applicant is providing catering services to educational institutions sponsored by state govt. so their supply is exempt from GST and TDS deduction under GST is not applicable to them.

Advance Ruling:

The supply of services in the form of food and drinks to educational institutions is classified under HSN 9992. It is exempted from tax vide S.No 66 (b)(ii) of CR NN.12/2017. Hence the amount received for such service is not liable for TDS.

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[ Contribution by CA. Vijay Gupta ]