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of <h1>Income Tax Bill 2025: Clause 313 outlines tax responsibilities during business succession, excluding death. Successor assumes predecessor's liabilities.</h1> Clause 313 of the Income Tax Bill, 2025, addresses the taxation process during the succession of a business or profession, excluding cases of death. It stipulates that the predecessor is assessed for income up to the succession date, while the successor is assessed thereafter. If the predecessor is untraceable, the successor assumes tax responsibilities for the relevant periods. Any ongoing assessments during succession are transferred to the successor. If the predecessor's tax liabilities are unrecoverable, the successor must pay, with the right to reclaim from the predecessor. Special provisions apply to Hindu undivided families undergoing succession and partition. Income includes gains from business transfers.
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