Addresses the tax liability of individuals in respect of income that is included in the income of another person in Clause 100 of the Income Tax Bill, 2025 vs. Section 65 of the Income Tax Act, 1961
3 April, 2025
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Income attribution: clarifies tax liability of the legal owner and joint-and-several responsibility for income included in another's return. Clause 100 assigns tax liability to the person in whose name an asset stands or whose firm membership produces attributed income, imposes joint and ... Summary
Income attribution: clarifies tax liability of the legal owner and joint-and-several responsibility for income included in another's return.
Clause 100 assigns tax liability to the person in whose name an asset stands or whose firm membership produces attributed income, imposes joint and several liability for jointly held assets allowing recovery from any co-owner for the whole tax due, applies existing procedural recovery mechanisms to enforce the liability, and overrides contrary provisions in other laws to ensure primacy in determining tax obligations arising from income attribution.
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