https://www.taxtmi.com/acts?id=46706 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. en-us Sat, 28 Dec 2024 11:53:37 +0530 Sat, 28 Dec 2024 11:53:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=46706 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. Act-Rules F. Acts / Amendment Acts Sat, 28 Dec 2024 11:53:37 +0530 https://www.taxtmi.com/acts?id=46706