Amendment status not verified — confirm the current text below against the official source.
Liability of firms as 2[proprietors] Where a business is owned, managed or run by a firm, then the firm and each of the partners of the firm shall be jointly and severally liable for payment of tax: PROVIDED that, where any partner retires from the firm, he shall be liable to pay the tax, if any, remaining unpaid at the time of his retirement, and any tax due upto the date of his retirement, even if assessment of tax is made at a later date.