The Income-tax Act, 1961
Bare Act
For the purposes of this Act, "previous year" means the financial year immediately preceding the assessment year:
Provided that, in the case of a business or profession newly set up, or a source of income newly coming into existence, in the said financial year, the previous year shall be the period beginning with the date of setting up of the business or profession or, as the case may be, the date on which the source of income newly comes into existence and ending with the said financial year.
Simplified Act and examples below are previews.
Subscribe to KanoonGPT Pro for full contentSimplified Act
In simple terms, when we talk about taxes, the term "previous year" refers
Explanation using examples
Imagine that Mr. Sharma starts a new online retail business on July 1, 2022. According to t
