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of <h1>Section 176 Income Tax Act requires taxpayers to notify business discontinuance within fifteen days for proper taxation assessment</h1> Section 176 of the Income Tax Act, 1961 governs taxation upon discontinuance of business or profession. When business discontinues, the Assessing Officer may charge income from the previous year's expiry to discontinuance date in the assessment year. Separate assessments apply for each completed previous year at applicable rates. Taxpayers must notify discontinuance within fifteen days. Post-discontinuance receipts are taxable as recipient's income if they would have been taxable before discontinuance. The provision covers firms, companies, and professional cessation due to retirement or death, with additional procedural requirements for notices and returns.
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