(1) If a registered person transfers the business he/she is doing to another person in whole or in part, within seven days from the date of transfer of such business, all the details in the format as per schedule-4 shall be disclosed to the relevant tax officer.
(2) In case of transfer of business according to sub-rule (1), the rights, rights and obligations of the transferee will also be transferred subject to the conditions of transfer.
(3) The relevant tax officer may give necessary instructions to both parties related to the transfer of business regarding the obligations they have to fulfill in accordance with the Rakhi Act and these regulations. It will be their duty to follow the instructions given in this way.