Joint and several liability: partners remain responsible for a firm's tax until a retiring partner gives proper notice. Partners are subject to joint and several liability for any tax, interest or penalty chargeable to the firm; a retiring partner remains liable for amounts due up to the date of retirement unless the partner or firm gives written notice of retirement to the Commissioner, and if no notice is given within one month the retiring partner's liability continues until intimation is received by the Commissioner.
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: partners remain responsible for a firm's tax until a retiring partner gives proper notice.
Partners are subject to joint and several liability for any tax, interest or penalty chargeable to the firm; a retiring partner remains liable for amounts due up to the date of retirement unless the partner or firm gives written notice of retirement to the Commissioner, and if no notice is given within one month the retiring partner's liability continues until intimation is received by the Commissioner.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
