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of <h1>Business discontinuance triggers accelerated tax assessment under Clause 320 with mandatory fifteen-day notice requirement</h1> Clause 320 of the Income Tax Bill, 2025 addresses tax treatment when businesses or professions are discontinued, largely mirroring Section 176 of the Income Tax Act, 1961. The provision enables accelerated assessment of income from the tax year start until discontinuance date, requires mandatory fifteen-day notice of discontinuance, and taxes post-discontinuance receipts in the year received. Key changes include terminology shift from 'assessment year' to 'tax year' and updated cross-references to renumbered provisions. The clause maintains discretionary powers for assessing officers while ensuring comprehensive tax collection through separate assessments for each period and additional tax chargeability alongside other provisions.
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