Section 190 - Assessment to Tax on Inheritance of Business Otherwise Than on Death
1) Where a person inherits a business of another person otherwise than by death in any income year-
(a) the predecessor tax shall be assessed for the period before the inheritance in the year in which the inheritance is received; and
(b) Succession tax shall be determined for the period subsequent to the succession.
(2) Notwithstanding anything contained in sub-section (1), if no predecessor is found, the successor’s tax shall be assessed for the year in which the inheritance is received or for the years preceding it and this Act shall apply to the extent applicable.
(3) If any amount payable on the income of a business cannot be recovered from the predecessor, the Deputy Commissioner of Taxes may record the information received in this regard and recover the said amount from the successor and the successor shall be entitled to recover the recovered amount from the predecessor.
Note: This is unofficial English translation. In the event of a conflict between the information on this website and the original Government publications or notifications of laws, rules, regulations, and SROs, the Government publications or notifications shall prevail. Moreover, as per Section 345(2) of the Income Tax Act 2023, if there is a conflict between the English and Bengali text, the Bengali text shall prevail.