Section 10B: Special Provision on Registration of Joint Venture

1) If two or more persons establish a joint venture to carry on taxable transaction for a certain period, such persons shall make an application to the tax officer of any one of the offices in which such persons have been registered, for the temporary registration of such a joint venture.

2) If an application is received pursuant to sub-section (1), the tax officer shall issue the registration certificate in the prescribed format.

3) The joint venture registered pursuant to sub-section (1) shall cancel the registration after the expiration of the period specified in the agreement concluded at the time of establishment of such a joint venture.

4) The persons involved in a joint venture shall be jointly or severally liable for the purpose of payment of tax obligations of that joint venture.