Can a partnership firm be held liable for the statutory tax dues of the partner. Income tax department demanded the tax dues of the partner from the firm's bank account by a letter to the manager of the bank branch. Is this possible .?
Can a partnership firm be held liable for the statutory tax dues of the partner. Income tax department demanded the tax dues of the partner from the firm's bank account by a letter to the manager of the bank branch. Is this possible .?
Hi,
If the partnership is holding any money relating to partner, then IT Dept can ask as you said above.
As the firm holds usually the profits / Salary of the partner, there are provisions under IT Act which gives the IT Officer, the right to recover the tax dues from such firm.
Suri.
Ofcourse ..as there will be profit sharing ratio...the dues can be recovered only from the concerned partner's share.
Its a kind of Garnisee Order.
Suri.
CMNITY HIRE
New Delhi
Others
View Details
Karia Overseas
Ahmedabad
CA
View Details
Rahul Dang & Associates-Chartered Accountants
Pune
CA Inter
View Details
CAclubindia
