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of <h1>Business successors inherit tax obligations and assessment responsibilities under Income Tax Bill 2025 Clause 313</h1> Clause 313 of the Income Tax Bill 2025 addresses tax obligations during business succession, mirroring Section 170 of the Income-tax Act 1961. The provision divides assessment responsibility between predecessor and successor based on succession date within the same tax year. Key features include assessment on successor when predecessor cannot be located, continuity of pending proceedings during succession, recovery rights from successor for unpaid predecessor dues, and special provisions for Hindu Undivided Family succession and partition. The clause defines 'income' to include gains from business transfer and 'pendency' for insolvency proceedings. While substantially similar to existing law, it updates terminology from 'previous year' to 'tax year' and provides enhanced definitional clarity for modern commercial practices.
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