Section 170 of ITA, 1961 : Section 170: Succession To Business Otherwise Than On Death
ITA, 1961
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Explanation using Example
Imagine that Mr. Sharma has been running a garment manufacturing business for several years. On July 1, 2022, he decides to retire and sells his business to Ms. Gupta, who continues to operate the business without any major changes. The financial year in India is from April 1 to March 31, which means the previous year for tax purposes is April 1, 2021, to March 31, 2022.
In this scenario:
- Mr. Sharma, the predecessor, will be responsible for paying income tax on the profits of the business from April 1, 2021, to June ...
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