Income-tax Act,1961
Act No : 43
Section :
Assessment of unregistered firms.
3[183. Assessment of unregistered firms.-Omitted by the Finance ---------------------------------------------------------------------- 1 Reintroduced by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1- 4-1989. Earlier, it was omitted by the Direct Tax Laws (Amendment) Act, 1987, with effect from the same date. 2 Prior to the omission, section 182, read as under: "182. Assessment of registered firms*.-(1) Notwithstanding anything contained in sections 143 and 144 and subject to the provisions of sub-section (3), in the case of a registered firm, after assessing the total income of the firm,- (i) the income-tax payable by the firm itself shall be determined; and (ii) the share of each partner in the income of the firm shall be included in his total income and assessed to tax accordingly. (2) If such share of any partner is a loss, it shall be set off against his other income or carried forward and set off in accordance with the provisions of sections 70 to 75. (3) When any of the partners of a registered firm is a non-resident, the tax on his share in the income of the firm shall be assessed on the firm at the rate or rates which would be applicable if it were assessed on him personally, and the tax so assessed shall be paid by the firm. (4) A registered firm may retain out of the share of each partner in the income of the firm a sum not exceeding thirty per cent thereof until such time as the tax which may be levied on the partner in respect of that share is paid by him; and where the tax so levied cannot be recovered from the partner, whether wholly or in part, the firm shall be liable to pay the tax, to the extent of the amount retained or could have been so retained." Earlier, section 182 was omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989 but was reintroduced by the Direct Tax Laws (Amendment) Act, 1989, with effect from the same date. 3 Prior to the omission, section 183, as amended by the Taxation Laws (Amendment) Act, 1970, w.e.f. 1-4-1971 and the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988, read as under. "183. Assessment of unregistered firms.-In the case of an unregistered Assessing Officer- (a) may determine the tax payable by the firm itself on the basis of income of the firm; or (b) if, in his opinion, the aggregate amount of the tax payable by the were assessed as a registered firm and the tax payable by the partners individually if the firm were so assessed would be greater than the aggregate amount of the tax payable by the firm under clause (a) and the tax which would be payable by the partners individually, may proceed to make the assessment under sub-section (1) of section 182 as if the firm were a registered firm; and, where the procedure specified in this clause is applied to any unregistered firm, the provisions of sub-sections (2), (3) and (4) of section 182 shall apply thereto as they apply in relation to a registered firm." Earlier, section 183 was omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1989, but reintroduced by the Direct Tax Laws (Amendment) Act, 1989, with effect from the same date. ---------------------------------------------------------------------- 1.599 Act, 1992, w.e.f. 1-4-1993.]
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