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of <h1>Income Tax Bill 2025: Liquidators Must Notify Assessing Officer, Set Aside Taxes Before Asset Distribution Under Clause 322.</h1> Clause 322 of the Income Tax Bill, 2025, outlines the duties of liquidators in companies undergoing liquidation. Liquidators must notify the Assessing Officer of their appointment within 30 days. The Assessing Officer will then determine the tax amount payable by the company, which the liquidator must set aside before distributing any assets. Liquidators can only part with assets for tax payments, secured creditors, or winding-up costs. Failure to comply results in personal liability for the liquidator. Multiple liquidators share joint and several liabilities, and these provisions override other laws, except the Insolvency and Bankruptcy Code, 2016.
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