Association of persons taxation: associations with indeterminate member shares are assessed like individuals, with joint member liability. Where an association of persons (other than a company or co operative society) holds assets and members' shares are indeterminate, the association shall be assessed and taxed in the same manner as an individual resident citizen, applying either the Schedule I rates or a specified flat rate most beneficial to revenue. On discontinuance or dissolution, net wealth is assessed as if no discontinuance occurred; penalty provisions apply, members and their legal representatives are jointly and severally liable, and proceedings may continue against them. Certain asset categories in section 5 are excluded from being disregarded when computing net wealth for this section.
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.
Association of persons taxation: associations with indeterminate member shares are assessed like individuals, with joint member liability.
Where an association of persons (other than a company or co operative society) holds assets and members' shares are indeterminate, the association shall be assessed and taxed in the same manner as an individual resident citizen, applying either the Schedule I rates or a specified flat rate most beneficial to revenue. On discontinuance or dissolution, net wealth is assessed as if no discontinuance occurred; penalty provisions apply, members and their legal representatives are jointly and severally liable, and proceedings may continue against them. Certain asset categories in section 5 are excluded from being disregarded when computing net wealth for this section.
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