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of <h1>New Definition for 'Previous Year' in Section 3 of Income-tax Act Effective April 1, 2000</h1> The Finance Act, 1999, amends the Income-tax Act by substituting a new definition for section 3, effective April 1, 2000. The new section defines 'previous year' as the financial year immediately preceding the assessment year. For newly established businesses, professions, or new sources of income within that financial year, the 'previous year' is defined as the period from the commencement of the business or source of income until the end of the financial year.
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