Table of Contents
What is difference between AOP and BOI?
Association of Persons (AOP) means a group of persons who come together for achieving a common objective and have the same mindsets. Members of the AOP can be natural or artificial persons. Body of Individuals (BOI) means a group of individuals (natural persons) who join together for earning income.
What is the full form of BOI and AOP in the Income Tax Act 1962?
An association of persons (AOP) or a body of individuals (BOI), whether incorporated or not, is treated as a ‘person’ under section 2(31) of the Income-tax Act, 1961.
Which ITR form is applicable for AOP?
ITR-5 Form
What is the ITR-5 Form. This income tax return is meant for firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals), Artificial Juridical Person (AJP), Estate of deceased, Estate of insolvent, Business trust and investment fund.
Can AOP be registered as trust?
This form can be used by a Person being a: Firm. Limited Liability Partnership (LLP) Association of Persons (AOP)…
| Submitted by | Details provided in the form |
|---|---|
| Charitable or religious trust | Application for Grant of Approval or continuance thereof to institution or fund u/s 80G(5)(vi) of the Income Tax Act, 1961 |
What is the registration procedure for a boi or AOP?
If it for a profitable or profit oriented activity, the BOI or AOP would have to be registered as a partnership firm or a private company. However, if it is for a non profitable activity, the registration comes under the Societies Registration Act, 1860.
Does Bank of India have any control over the third party website?
The third party website is not owned or controlled by Bank of India and contents thereof are not sponsored, endorsed or approved by Bank of India. Bank of India does not vouch or guarantee or take any responsibility for any of the contents of the said website including transactions, product, services or other items offered through the website.
What is Association of persons (AOP)?
Association of Persons (AOP) is an entity formed by two or more persons, for a common purpose with an objective of producing Income or profits. An association of persons (AOP) or a body of individuals (BOI), whether incorporated or not, is treated as a ‘person’ under section 2 (31) of the Income-tax Act, 1961.
How to register a start-up company in India?
These are four major steps required to register a start up company in india : Once your company has been incorporated you can open a Current account in any of the leading banks for carrying out your operations.