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V.3. In case of an unincorporated association or body of individuals, the beneficial owner is the natural person(s), who, whether acting alone or together, or through one or more juridical person,
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Association of persons (AOP) is a group of two or more people who come together to carry out a business activity jointly.
Any AOP whose income is chargeable under the Income Tax Act is required to file a return of income.
AOP can fill out the return of income using the online portal of the Income Tax Department or by seeking assistance from a professional.
The purpose of AOP is to ensure that income generated by the group is properly reported and taxed in accordance with the law.
AOP must report details of their income, expenses, and other financial information to the Income Tax Department.
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