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<h1>Income-tax Act Section 37 Amended: Retroactive Change to Previous Year Definition Effective from April 1, 1993.</h1> Section 37 of the Income-tax Act has been amended by the Finance Act, 1994. In sub-section (2), the phrase 'any previous year commencing on the 1st day of April, 1992' is replaced with 'any previous year commencing on or after the 1st day of April, 1992.' This change is retroactively effective from April 1, 1993.