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of <h1>New Income Tax Bill Clause 504: Notice Service Rules for Discontinued Businesses Explained</h1> Clause 504 of the Income Tax Bill, 2025, addresses the service of notice for income assessment when a business has been discontinued. The Assessing Officer is authorized to serve notice to the individual whose income is to be assessed, a member of a firm or association at the time of its discontinuance, or the principal officer of a company. The notice may include requirements similar to those under section 268(1), and the relevant provisions of the Act will apply as if the notice were issued under that section.
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