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of <h1>Income Tax Bill 2025 Clause 487 creates corporate tax liability for directors and officers</h1> The Income Tax Bill 2025's Clause 487 establishes liability for corporate tax offences, mirroring Section 278B of the Income-tax Act 1961 with minimal changes. The provision creates deemed guilt for persons in charge of companies when offences occur, while allowing defenses for lack of knowledge or due diligence. It also imposes liability on directors, managers, and officers for offences committed with their consent, connivance, or neglect. Companies face fines while individuals may receive imprisonment and fines. The clause covers all business entities including firms and associations, ensuring comprehensive coverage against tax evasion through corporate structures.
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