India - Income Tax Act 2010 - Saarc

S. 190 I.T. ACT, 1961 1.736proceeding under this Act in respect of any such firm as is referred to in that subsectionis satisfied that the firm was guilty of any of the acts specified in ChapterXXI, he may impose or direct the imposition of a penalty in accordance with theprovisions of that Chapter.(3) Every person who was at the time of such discontinuance or dissolution apartner of the firm, and the legal representative of any such person who isdeceased, shall be jointly and severally liable for the amount of tax, penalty orother sum payable, and all the provisions of this Act, so far as may be, shall applyto any such assessment or imposition of penalty or other sum.Explanation.— 38 [Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.](4) Where such discontinuance or dissolution takes place after any proceedingsin respect of an assessment year have commenced, the proceedings may becontinued against the person referred to in sub-section (3) from the stage atwhich the proceedings stood at the time of such discontinuance or dissolution,and all the provisions of this Act shall, so far as may be, apply accordingly.(5) Nothing in this section shall affect the provisions of sub-section (6) of section159.39[Provisions applicable to past assessments of firms.189A. In relation to the assessment of any firm and its partners for the assessmentyear commencing on the 1st day of April, 1992, or any earlierassessment year, the provisions of this Chapter as they stood immediately beforethe 1st day of April, 1993, shall continue to apply.]CHAPTER XVII 40COLLECTION AND RECOVERY OF TAXA.—GeneralDeduction at source and advance payment.41190. (1) Notwithstanding that the regular assessment in respect of anyincome is to be made in a later assessment year, the tax on such incomeshall be payable by deduction 42 [or collection] at source or by advance payment38. Prior to omission, Explanation, as inserted by the Taxation Laws (Amendment) Act, 1975,w.e.f. 1-10-1975 was omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1989 and later reintroduced by the Direct Tax Laws (Amendment) Act, 1989, w.e.f.1-4-1989.39. Inserted by the Finance Act, 1992, w.e.f. 1-4-1993. Earlier section 189A, which madeprovisions applicable to past assessments of firms and inserted by the Direct Tax Laws(Amendment) Act, 1987, w.e.f. 1-4-1989, was omitted by the Direct Tax Laws (Amendment)Act, 1989, with effect from the same date.40. For electronic payment of tax, see rule 125.41. For clarification regarding tax deduction at source under Chapter XVII clarifying thatpayment of any sum shall be liable for deduction of tax only under one section, seeCircular No. 720, dated 30-8-1995. For details, see Taxmann’s Master Guide to Income-taxAct.42. Inserted by the Direct Tax Laws (Amendment) Act, 1989, w.r.e.f. 1-6-1988.