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<h1>Discontinued business tax treatment: Assessing Officer may allocate pre-discontinuance income to that tax year and tax post-discontinuance receipts accordingly.</h1> Discontinued business income may, at the Assessing Officer's discretion, be taxed in the year of discontinuance, with each completed tax year or part-year in the period assessed separately at rates in force; the person must notify the Assessing Officer within fifteen days. Post-discontinuance receipts that would have been includible if received earlier are treated as income of the recipient in the year of receipt. The Assessing Officer may issue notices equivalent to section 268(1) requirements and, where applicable, require returns within a period of not less than seven days. Tax under this section is additional to other tax liabilities.
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