Section 331 Income Tax Act 2025 16.-Liability of partners of limited liability partnership in liquidation Liability of partners of limited liability partnership in liquidation. 331. Irrespective of anything contained in the Limited Liability Partnership Act, 2008 (6 of 2009), where any tax including penalty, interest, fee or any other sum payable under the Act is due… Read More »
Section 329 Income Tax Act 2025 Joint and several liability of partners for tax payable by firm. 329. Every person who was, during the tax year, a partner of a firm, and the legal representative of any such person who is deceased, shall be jointly and severally liable along with the firm for the amount of… Read More »
Section 330 Income Tax Act 2025 Firm dissolved or business discontinued. 330. (1) Where a firm is dissolved or any business or profession carried on by it has been discontinued, the Assessing Officer shall make an assessment of the total income of the firm, as if no such dissolution or discontinuance had taken place, and all… Read More »
Section 328 Income Tax Act 2025 Succession of one firm by another firm. 328. Where a firm carrying on a business or profession is succeeded by another firm, except in a case covered by section 327, separate assessments shall be made on the predecessor firm and the successor firm as per the provisions of section 313.
Section 327 Income Tax Act 2025 15.-Change in constitution, succession and dissolution Change in constitution of a firm. 327. (1) Where at the time of making an assessment under section 270 or 271, it is found that a change has occurred in the constitution of a firm, the assessment shall be made on the firm as constituted at the… Read More »
Section 326 Income Tax Act 2025 Assessment when section 325 not complied with. 326. Irrespective of anything contained in any other provision of this Act, where a firm does not comply with the provisions of section 325 for any tax year,— (a) no deduction by way of any payment of interest, salary, bonus, commission or remuneration, by whatever… Read More »
Section 325 Income Tax Act 2025 Assessment as a firm. 325. (1) A firm shall be assessed as a firm for the purposes of this Act, if— (a) the partnership is evidenced by an instrument; and (b) the individual shares of the partners are specified in that instrument. (2) A certified copy of the instrument of… Read More »
Section 324 Income Tax Act 2025 14.-Assessment of firms Charge of tax in case of a firm. 324. In the case of a firm which is assessable as a firm, tax shall be charged on its total income at the rate as specified in any Central Act for relevant tax year.
Section 323 Income Tax Act 2025 13.-Private companies Liability of directors of private company. 323. (1) Irrespective of anything contained in the Companies Act, 2013 (18 of 2013) where any tax due from— (a) a private company in respect of any income of any tax year; or (b) any other company in respect of any income… Read More »
Section 322 Income Tax Act 2025 Company in liquidation. 322. (1) Every person,— (a) who is the liquidator of any company which is being wound up, whether under the orders of a court or otherwise; or (b) who has been appointed the receiver of any assets of a company, (herein referred to as the liquidator), shall,… Read More »