ॐ असतो मा सद्गमय
No. The Retiring partner is not liable for the transactions taken place after his retirement provided he or the firm intimates to the Commissioner by a notice in writing of his retirement within one month from the date of retirement.
(ICAI FAQ PUBLICATIONS 06-09-2017 Liability of partners of Firm to pay tax: FAQ NO. 12)
Yes. Retiring partner shall be liable to pay tax, interest or penalty upto the date of his retirement whether determined prior to his retirement or otherwise.
(ICAI FAQ PUBLICATIONS 06-09-2017 Liability of partners of Firm to pay tax: FAQ NO. 11)
No. If a private limited company is converted into a public limited company, then the provisions of this section does not apply. However, any other personal penalty could be imposed on the Director.
(ICAI FAQ PUBLICATIONS 06-09-2017 Liability of directors of private company: FAQ NO. 10)
Yes. Every director of the private company during the period for which. tax, interest or penalty due in respect of any supply of goods or services or both, is not recovered shall jointly and severally be liable for the payment of such tax, interest or penalty, unless he proves that the non-recovery cannot be attributed to any gross neglect, misfeasance or breach of duty on his part in relation to the affairs of the Company.
(ICAI FAQ PUBLICATIONS 06-09-2017 Liability of directors of private company : FAQ NO. 9)
Every director of the private company shall be jointly and severally be liable to pay tax, interest or penalty.
(ICAI FAQ PUBLICATIONS 06-09-2017 Liability in case of Company in liquidation : FAQ NO. 8)
The receiver of assets / liquidator shall within 30 days from the date of appointment intimate the Commissioner of his appointment. Thereafter, the Commissioner may provide the details that the Company may be liable to pay tax, interest or penalty.
(ICAI FAQ PUBLICATIONS 06-09-2017 Liability in case of Company in liquidation: FAQ NO. 7)
No. Both agent and principal are jointly and severally liable to pay the tax on such transactions.
(ICAI FAQ PUBLICATIONS 06-09-2017 Liability of agent and principal : FAQ NO. 4)
Yes. When an agent supplies or receives any taxable goods on behalf of the principal both agent and principal are jointly and severally liable in respect of tax payable on such goods.
(ICAI FAQ PUBLICATIONS 06-09-2017 Liability of agent and principal : FAQ NO. 3)
No. The transferor of business is liable to pay tax / interest / penalties arisen (whether determined prior to transfer or post transfer) up to the date of transfer of business.
(ICAI FAQ PUBLICATIONS 06-09-2017 Liability in case of transfer of business : FAQ NO. 2)
Yes, the transferor and the transferee shall be jointly and severally, be liable to wholly or to the extent of such transfer, to pay the tax, interest or penalty which was due for the period prior to the date of transfer. Such tax liability, interest and penalty may be determined either prior to the date of transfer or thereafter.
(ICAI FAQ PUBLICATIONS 06-09-2017 Liability in case of transfer of business : FAQ NO. 1)