Income Tax Slab for Association of Persons (AOP) and Body of Individuals (BOI): In previous article, we have discussed about the income tax slab/income tax rates for individual for A.Y.2019-20. In this article we will discuss only about AOP and BOI income tax slab rates.
What is Association of Persons (AOP)?
First of all, you should know about what is Association of persons. It is also called AOP by its short name. AOP exists when two or more persons come together to do some business by aim of earning income jointly. The two persons can by anybody like individuals, company, association of BOI. It become automatically AOP when two or more person jointly works but do not form any firm.
Income Tax Slab AOP & BOI [A.Y.2019-20]
|Income upto ₹ 2,50,000/-||Nil|
|Income From ₹ 2,50,000/- to ₹ 5,00,000/-||5% of (income – ₹ 2,50,000) (Tax rebate u/s 87A: If income is upto ₹3,50,000/- [income tax or ₹ 2,500/- whichever is less]|
|Income from ₹5,00,000/- to 10,00,000/-||₹ 12,500/- + 20% of (your income – ₹ 5,00,000)|
|Income over ₹ 10,00,000/-||₹ 112,500/- + 30% of (your income – ₹ 10,00,000)|
|Surcharge (Marginal Relief Applicable)||@ 10% when total taxable income is over 50 lacs but less than 1 crore.|
@ 15% if income is over 1 core
|Health & Education Cess||4% of (Income Tax + Surcharge)|