Amendment status not verified — confirm the current text below against the official source.
(1)<,?ve as.o.yt?rwi$C prqvid?d in the Insolvencr::?d . . .B?ptcy Co?}J:tl6,wherea person,lia?le.tQ3PV .? interest W penaJty'underthis Act, dies, thf:.p-. ? V ? '.. ' :I' . ,/·., • .•; . . ' . ·._.;_.,_,: ·,.,. : .•. ·: • (a) if a business cal.lied on ? the person is ?ptimied after his death by,his legal representative Ol'·:fIIY other person, such legal representative or other person. shall be liable·w payt-., interestdt penalty due from such persollunder this·A? and Liability of partners am firm to pay tax. Llabilityof guardians. trustees etc. Liabilityof Court of Wards etc. Specialprovisions regardingliabilityto pa, tax, interest or penalty iJ! certain cases. 31 of2016 31 of2016 , 31 of2016 103 (b) . if the b?ss !.?ied on by the ;?rson is discontinued.. ?ther. before. or aftei .l.J.j.sdeath, his1eg?J'.9)?e? be?? to pay, out of the estate of the deceased, to the extent to which • - - I the ?·li5 ????g the?e, the tax, interest, ?I"p?@ty;dµ.efrom such person under this Ac4 .•... ' ' ,, l , . a··.·: whether such tax. lnte?for penaltyhasbeen deterrliined? his death but has remained unpaid or is determined after-. his death. ',:- . (2) 1Save -as oth? pro?(,1¢din tile Insolvencyand B?ptcy q,de,,20? wb.?fe.a ?e person. liable to pay tax, ipterest ? ?ty ?r ?i?? is a Hindu ?vid.ed 4miJy 01' an:asspciatiBnqt ?ns and the ?pertyoftlleHin?uundivu¥df.aniwsrrw-e?on . of persons is parti.tion??ongst tlisXH!ous members or. ?up$,, '?fm?bers. ..?,n,_ each -? ? group Jlf J):Jembers_,?,JOintly,ai,id?.-? liable to pay the tax. ?t or penf}tydue froin the,jaxable person · under_Jlj_i?),\ct 'W ? the ti?? oftlie?on whether such tax. penalty<>!inte.test? l>eeniete:rminedbefore partition but has reinairled uft'paidoris defermined after · the partition. (3) ·_s.e.as.,-???-.prQl'i?? tht:J;??cy .? ,!;'=!?Yi?:r??ii???;t;?d:::?·?n?=· . ?d thefirmjs diswfyf!d.ffi?.,?ery persopwho was a .• shaDi{MS??£; penaltylias been determined before the dissolution,_ but ?as remainedunpaid oris deti!i-mined ·a,ftel:dissolution.r ?. _::rr·· ;- _ _ _ )t5 (4) Save. as otherwise ?,-• 1-J,lnsolvency and Bankruptcy Code, 2Ql(;, wh,« a taxable person liable to i,ay: tax. interest or pelMJlty,µnderthis Act.?. (a) is the guarCllilll·.··??a,1\\1ari{_<>ll _wbosebehalf the business is camed'on ?Ytheptdiail; or ,f; ,.\,. (b) is a trustee wl}.ocarries on the business under a trust for a beneficiary, then, ·if tl'legti?rdfanshlp or ttust.U terminated,. the -ward or the beneficiary'shall 'be liable· to ·pily'the tax, interest· or penalty due from the taxable person 1.ipte·1tlie time of tluvtenriination of the guardianshipor trust, whether such ? interest or penalty has been deter,:µ?'4,befor?,the ?tlllin,ation of ?ardiatla.lup-qr trust· but has remained unpaid or is determined thereafter. 7430£2012 104