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of <h1>Directors Liable for Tax Debts if Private Limited Company Liquidates, Per Section 179 of Income Tax Act 1961.</h1> The circular from July 20, 1983, addresses the application of Section 179 of the Income Tax Act, 1961. It emphasizes that when a private limited company goes into liquidation and cannot pay its tax arrears, all directors are jointly and severally responsible for settling these debts. The Board encourages more frequent and rigorous use of Section 179 in such cases. The circular also notes that the Board has reviewed related issues with the Ministry of Law and requests that these instructions be communicated to all relevant officers.
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