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of <h1>Separate Tax Assessments Needed for Predecessor and Successor Firms Under Section 188 of the Income Tax Act</h1> When a firm is succeeded by another, separate tax assessments are required for the predecessor and successor firms as per Section 188 of the Income Tax Act. The predecessor firm is assessed up to the succession date, while the successor firm is assessed thereafter. Under Section 188A, partners and legal representatives of deceased partners are jointly and severally liable for the firm's tax obligations, including penalties, for the relevant assessment year. This ensures that all partners share responsibility for any tax liabilities incurred during their tenure.
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