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of <h1>Income Tax Bill 2025 Clause 321 ensures tax obligations continue after association dissolution with joint member liability</h1> The Income Tax Bill 2025's Clause 321 addresses taxation of associations of persons upon business discontinuance or dissolution, substantially mirroring Section 177 of the Income-tax Act 1961. The provision enables tax authorities to complete assessments as if the association continued existing, imposes joint and several liability on members and their legal representatives, allows penalty proceedings, and permits continuation of ongoing proceedings. Key changes include updated terminology using 'tax year' instead of 'assessment year' and modernized legislative language. The provision ensures tax obligations remain enforceable despite dissolution, protecting government revenue while maintaining procedural continuity and comprehensive statutory application.
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