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of <h1>Firm must include partners' shares in taxable income; non-resident partner tax payable by firm; firm may retain 30%</h1> For registered firms the law required the assessing officer to determine tax on the firm's total income and to include each partner's share of firm income in the partner's own taxable income; a partner's share of loss could be set off or carried forward under the general loss provisions. If any partner was a non-resident, the tax on that partner's share was assessed on and payable by the firm at rates applicable to the partner. A firm could retain up to 30% of each partner's share pending payment of the partner's tax and was liable for tax to the extent retained if the partner failed to pay.
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