Liquidation of company
Querist : Anonymous
If company is wound up by court order, then will the liability of Income tax cease , or will directors be asked to pay old Income tax Liabilities.
If shareholders are liable to the extent of Share holding, then what about directors liability?
.
Shareholders can be made liable to the extent of their unpaid calls on shares issued to them.
.
We can not go in "Private" to make personally liable the directors.
.
However, Section 179 of IT Act 191, is an overriding
provision which makes liable to the directors, jointly and severally.
.
If he can prove that the liability of tax is not due to his own gross neglect, misfeasance or breach of duty, then the directors can not be made liable.
.
Querist : Anonymous
Click here to login now
Similar Resolved Queries
- Fixe term employment
- Is any professional CA is here please reply
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Putting a heading on received mail
- Gift Received from nonblood relative
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Experts need help
- Section 50-fixed asset-->building ceases to exist
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
