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of <h1>Income Tax Bill 2025 Clause 318 allows taxation of temporary entities from formation to dissolution within same year</h1> Clause 318 of the Income Tax Bill, 2025 modernizes the taxation framework for associations of persons, bodies of individuals, and artificial juridical persons formed for specific events or purposes. The provision allows Assessing Officers to assess and tax these entities' income from the beginning of the tax year until dissolution, even if dissolution occurs within the same year. This prevents tax evasion by short-lived entities that might dissolve before regular assessment cycles. The clause incorporates expedited assessment procedures and represents an updated version of Section 174A of the Income-tax Act, 1961, with clearer language and improved procedural safeguards while maintaining the same anti-avoidance objectives.
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