Income Tax Act, 1961
Section 3: Subs. by Act 26 of 1997, s. 44, for “maximum marginal rate” (w.e.f. 11998).
3. Subs. by Act 26 of 1997, s. 44, for “maximum marginal rate” (w.e.f. 11998).
4.Ins. by Act 3 of 1989, s. 28 (w.e.f. 11989).
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1[167C. Liability of partners of limited liability partnership in liquidation.—Notwithstanding
anything contained in the Limited Liability Partnership Act, 2008 (6 of 2009), where any tax due from a
limited liability partnership in respect of any income of any previous year or from any other person in
respect of any income of any previous year during which such other person was a limited liability
partnership cannot be recovered, in such case, every person who was a partner of the limited liability
partnership at any time during the relevant previous year, shall be jointly and severally liable for the
payment of such tax 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 limited liability partnership.]
2[Explanation.—For the purposes of this section, the expression “tax due” includes penalty, interest
or any other sum payable under the Act.]
E.—Executors
168.Executors.—(1) Subject as hereinafter provided, the income of the estate of a deceased person
shall be chargeable to tax in the hands of the executor,—
(a) if there is only one executor, then, as if the executor were an individual; or
(b) if there are more executors than one, then, as if the executors were an association of persons;
and for the purposes of this Act, the executor shall be deemed to be resident or non-resident according as
the deceased person was a resident or non-resident during the previous year in which his death took place.
(2) The assessment of an executor under this section shall be made separately from any assessment
that may be made on him in respect of his own income.
(3) Separate assessments shall be made under this section on the total income of each completed
previous year or part thereof as is included in the period from the date of the death to the date of complete
distribution to the beneficiaries of the estate according to their several interests.
(4) In computing the total income of any previous year under this section, any income of the estate of
that previous year distributed to, or applied to the benefit of, any specific legatee of the estate during that
previous year shall be excluded; but the income so excluded shall be included in the total income of the
previous year of such specific legatee.
Explanation.—In this section, “executor” includes an administrator or other person administering the
estate of a deceased person.
169. Right of executor to recover tax paid.—The provisions of section 162 shall, so far as may be,
apply in the case of an executor in respect of tax paid or payable by him as they apply in the case of a
representative assessee.
F.—Succession to business or profession
170. Succession to business otherwise than on death.—(1) Where a person carrying on any
business or profession (such person hereinafter in this section being referred to as the predecessor) has
been succeeded therein by any other person (hereinafter in this section referred to as the successor) who
continues to carry on that business or profession,—
(a) the predecessor shall be assessed in respect of the income of the previous year in which the
succession took place up to the date of succession;
Subject as hereinafter provided, the income of the estate of a deceased person
shall be chargeable to tax in the hands of the executor,—
if there is only one executor, then, as if the executor were an individual; or
if there are more executors than one, then, as if the executors were an association of persons;
and for the purposes of this Act, the executor shall be deemed to be resident or non-resident according as
the deceased person was a resident or non-resident during the previous year in which his death took place.
The assessment of an executor under this section shall be made separately from any assessment
that may be made on him in respect of his own income.
Separate assessments shall be made under this section on the total income of each completed
previous year or part thereof as is included in the period from the date of the death to the date of complete
distribution to the beneficiaries of the estate according to their several interests.
In computing the total income of any previous year under this section, any income of the estate of
that previous year distributed to, or applied to the benefit of, any specific legatee of the estate during that
previous year shall be excluded; but the income so excluded shall be included in the total income of the
previous year of such specific legatee.
Explanation.—In this section, “executor” includes an administrator or other person administering the
estate of a deceased person.
169. Right of executor to recover tax paid.—The provisions of section 162 shall, so far as may be,
apply in the case of an executor in respect of tax paid or payable by him as they apply in the case of a
representative assessee.
F.—Succession to business or profession
170. Succession to business otherwise than on death.—
Where a person carrying on any
business or profession (such person hereinafter in this section being referred to as the predecessor) has
been succeeded therein by any other person (hereinafter in this section referred to as the successor) who
continues to carry on that business or profession,—
the predecessor shall be assessed in respect of the income of the previous year in which the
succession took place up to the date of succession;