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of <h1>Income Tax Bill 2025: Clause 321 outlines assessment rules for associations after business discontinuance or dissolution.</h1> Clause 321 of the Income Tax Bill, 2025, addresses the assessment of income for an association of persons upon discontinuance of business or dissolution. The Assessing Officer must assess the total income as if the discontinuance or dissolution had not occurred, applying all relevant tax provisions, including penalties. If misconduct is found, penalties may be imposed. Members and legal representatives are jointly liable for taxes and penalties. Ongoing proceedings can continue against these individuals post-dissolution. This clause does not affect the provisions of section 302(4).
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