What is a association of person?

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What is a association of person?

Introduction: 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.)

What is a body of individual?

Body of Individuals (BOI) is also similar to an Association of Persons. However, in a Body of Individuals, only two or more individuals can join with an intention to earn some income. Hence, Body of Individuals only contains individuals, while an Association of Persons could contain legal entities.

What is AOP in trust?

An Association of Persons (AOP) or a Body of Individuals (BOI), whether incorporated is treated as a person u/s 2(31) of the Income Tax Act, 1961. Trust created wholly for charitable or religious purposes are allowed various benefits under the Income Tax Act, inter-alia, exemption u/s 11.

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Is trust a body of individual?

trust is an association of individuals.

Is association of persons a body corporate?

Company is a voluntary association of persons formed for the purpose of doing business having a distinct name and limited liability.

Is partnership an association of persons?

Partnership is an association of two or more individuals (but not more than 20) who agree to share the profits of a lawful business which is managed and carried on __________________.

Is society an AOP?

AOP or BOI does not include— a company; a co-operative society; a society registered under the Societies Registration Act, 1860 or under any other law corresponding to that Act in force in any part of India.

What is the difference between a person and Association of persons?

Association of persons means two or more persons who collaborate for a mutual determination with a vision to earn an income. However, the term Person includes any company or association or body of individuals, whether incorporated or not.

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What is the difference between ‘person’ and ‘body of individuals’?

However, the term Person includes any company or association or body of individuals, whether incorporated or not. The association need not be on the basis of a contract. [1] On the other hand, Body of individuals (BOI) means a accumulation of individuals who aimed at convey on some activity with the objective…

What is the difference between AOP and body of individuals?

An AOP can be formed without a contract. Body of Individuals (BOI) is also similar to an Association of Persons. However, in a Body of Individuals, only two or more individuals can join with an intention to earn some income. Hence, Body of Individuals only contains individuals, while an Association of Persons could contain legal entities.

How to assess an association of person or body of individuals?

An Association of Person or Body Of Individuals can be assessed in the following manners: in case of AOP or BOI, the individual share of members are either unknown or intermediate. in case of AOP or BOI, the individual share of members are either known or determinate.

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