In India, Can the Income Tax Officer attach the Savings Account/Fixed Depoist Account of a Partner in cases where the Partnership Firm does not have that much cash to pay its taxes but otherwise is an asset rich firm? In other words, if the firm is unable to pay its taxes due to cash shortage (but has assets far in excess of the tax demanded) can the Assessing Officer attache the Savings A/c or Fixed Deposit Account of a Partner?
It depends on the law of Partnership Corp. in India. Check with your CPA or lawyer regarding the exact laws on this topic. |