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AOP / BOL Registration
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Explore various pricing plans
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AOP/BOI REGISTRATION @ ₹
- Salary Income
- Rent Income From One Property
- Interest Income etc.
This pricing plan includes free consultation
Fill inquiry form below to pay later
AOP/BOI REGISTRATION @ ₹
- Salary Income
- Rent Income From Properties
- Capital Gains or Losses
This pricing plan includes free consultation
Fill inquiry form below to pay later
AOP/BOI REGISTRATION @ ₹
- All Income Covered in ITR-2
- Income From Business or Profession
- Interest Income etc.
- Income or Loss From Intraday Share Trading
- Income or Loss From Derivatives (F&O)
- Director/Patner in a Company/LLP
This pricing plan includes free consultation
Fill inquiry form below to pay later
AOP/BOI REGISTRATION @ ₹
- Salary Income
- Rent Income From Propeties
- Professional Receipts up to Rs. 50 Lacs
- Businesses Covered under Presumptive Taxation
This pricing plan includes free consultation
Fill inquiry form below to pay later
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AOP/BOI REGISTRATION
An Overview
Association of Persons (AOP) and Body of Individuals (BOI) are two distinct entities recognized under the Indian Income Tax Act, 1961. These structures allow individuals, groups, or entities to combine their resources or activities for specific purposes. Here’s a brief overview:
AOP (Association of Persons):
- An AOP refers to an association or group of people, including individuals, companies, or other entities, coming together for a common purpose or objective.
- It does not have a separate legal existence from its members and is taxed as a separate entity for income tax purposes.
- AOPs can be formed for business ventures, joint ventures, mutual understanding, or collective efforts in various activities.
- Registration of an AOP is not mandatory; however, it’s advisable to seek registration to avail certain tax benefits and ease of compliance.
BOI (Body of Individuals):
- A BOI refers to a group or association comprising individuals who jointly earn income or hold property together for a common purpose.
- Similar to an AOP, a BOI doesn’t possess a distinct legal identity apart from its members and is taxed as a separate entity.
- BOIs are often formed for the purpose of joint ownership of property, family arrangements, inheritances, or other collective activities.
- Like AOPs, registration of a BOI is not compulsory, but it may be beneficial for availing tax benefits and easier compliance.
Information / Documents Required
General Documents / Informations Required from all assessees:
Identity and Address Proof of Members: Aadhaar card, PAN card, passport, voter ID, or any government-issued identification documents of all members/partners involved in the association.
Proof of Address for AOP/BOI: Documents verifying the physical address of the AOP/BOI, such as utility bills, lease agreement, property tax receipts, or any valid proof of address.
PAN (Permanent Account Number) of AOP/BOI: PAN card obtained by applying through Form 49A or 49AA from the Income Tax Department.
Partnership Deed or Agreement: A written document outlining the terms, objectives, activities, and operations of the AOP/BOI signed by all partners/members.
Bank Account Details: Bank account information, including the account number, branch name, and IFSC code, for the AOP/BOI entity.
Declaration and Registration Forms: Forms such as Form 49A (for PAN), Form 1 (for registration under the Income Tax Act), and other relevant registration forms as required by the Income Tax Department.
Additional Documents as Needed: Any additional documents specified by the Income Tax Department or relevant authorities, such as financial statements, business plan, or specific declarations.
Registration with Fiscalnow
Benefits
Benefit: Registration grants legal recognition to the association, facilitating official operations, tax compliance, and eligibility for certain tax benefits and exemptions.
Benefit: Registered entities are perceived as more credible and trustworthy by stakeholders, partners, and financial institutions, aiding in collaborations and business dealings.
Benefit: Registered AOPs/BOIs can avail tax exemptions and deductions on income earned, reducing the tax burden and maximizing funds available for their activities.
Benefit: Registered entities can open bank accounts in their name, facilitating smoother financial operations, payments, and receipt of funds.
Benefit: Registration enables AOPs/BOIs to enter into contracts, agreements, or property transactions, legitimizing their dealings with legal entities.
Benefit: Registered entities often limit the liability of their members, shielding them from personal financial risks arising from the entity’s activities.
Benefit: Registered AOPs/BOIs are often preferred for government grants or funding opportunities due to their recognized legal status and compliance.
Benefit: Compliance with registration requirements ensures adherence to legal standards, enhancing transparency, and fostering trust among stakeholders and regulatory bodies.