Association of Persons OR Body of Individual

Association of Person: The Income Tax Act does not define the meaning and definition of AOP. In the absence of any definition under the Income Tax Act, the words must be read in their plain ordinary meaning. “AOP means two or more personas who join for a common purpose with a view to earn an…


ICDS- Income Computation and Disclosure Standards

The Central Government had notified 10 “Income Computation and Disclosure Standards”  (ICDS) to be applicable with effect from assessment year  2017-18. The main purpose of ICDS is to develop system of computation of income of undermentioned heads under Income Tax Act. So that tax related issues could be minimized. 1. Profits and gains of business…