Firm dissolved or business discontinued. 189. (1) Where any business or profession carried on by a firm has been discontinued or where a firm is dissolved, the Assessing Officer shall make an assessment of the total income of the firm as if no such discontinuance or dissolution had taken place, and all the provisions of this…...
Joint and several liability of partners for tax payable by firm. Section-188A
Joint and several liability of partners for tax payable by firm. 188A. Every person who was, during the previous 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 tax, penalty or other sum payable…...
Succession of one firm by another firm. SECTION-188
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Change in constitution of a firm. SECTION – 187
C.—Changes in constitution, succession and dissolution Change in constitution of a firm. 187. (1) Where at the time of making an assessment under section 143 or section 144 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 time of making the assessment. (2)…...
Assessment when section 184 not complied with. Section – 185
Assessment when section 184 not complied with. 185. Notwithstanding anything contained in any other provision of this Act, where a firm does not comply with the provisions of section 184 for any assessment year, the firm shall be so assessed that no deduction by way of any payment of interest, salary, bonus, commission or remuneration, by whatever name called, made…...
Assessment as a firm. section 184
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Consideration for know-how. Section – 180A
Consideration for know-how. 180A. Where the time taken by an individual, who is resident in India, for developing any know-how is more than twelve months, he may elect that the gross amount of any lump sum consideration received or receivable by him during the previous year relevant to the assessment year commencing on the 1st day…...
Section – 180 – , Income-tax Act, 1961 46Royalties or copyright fees for literary or artistic work.
Section - 180 - , Income-tax Act, 1961 N.—Special provisions for certain kinds of income 46Royalties or copyright fees for literary or artistic work. 180. Where the time taken by the author of a literary or artistic work in the making thereof is more than twelve months, the amount received or receivable by him during any…...
Liability of directors of private company 44[***].179
M.—Private companies Liability of directors of private company 44. 179. (1) Notwithstanding anything contained in the Companies Act, 1956 (1 of 1956), where any tax due from a private company in respect of any income of any previous year or from any other company in respect of any income of any previous year during which such other…...
Company in liquidation. Section-178 Income Tax Act, 1961
Section-178 Income Tax Act, 1961 Company in liquidation. 178. (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, (hereinafter referred to as the liquidator) shall, within…...