Partners Jointly Responsible for Firm's Tax Liabilities, Covering Current, Former, and Deceased Partners Under Income Tax Provisions
Partners of a firm are jointly and severally liable for tax, penalties, and other sums payable by the firm for a specific assessment year. This includes current and former partners, as well as legal representatives of deceased partners. The provision ensures collective financial responsibility for the firm's tax obligations under the Income-tax Act, extending legal accountability across all partners.
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