Joint and several liability of partners requires each partner to pay firm's tax, with retirement notice affecting continuing liability. Liability of partners is joint and several: the firm and each partner are liable for tax, interest or penalty. A retiring partner remains liable for obligations up to the date of retirement unless the firm or partner gives written notice of retirement to the Commissioner; if no intimation is given within one month, the retiring partner's liability continues until the Commissioner receives notice.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Joint and several liability of partners requires each partner to pay firm's tax, with retirement notice affecting continuing liability.
Liability of partners is joint and several: the firm and each partner are liable for tax, interest or penalty. A retiring partner remains liable for obligations up to the date of retirement unless the firm or partner gives written notice of retirement to the Commissioner; if no intimation is given within one month, the retiring partner's liability continues until the Commissioner receives notice.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.