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of <h1>Tax Law Clarifies 'Previous Year' Definition for Income Assessment, Providing Flexible Calculation Method for New Businesses</h1> The amendment defines 'previous year' for income tax purposes, establishing it as the financial year preceding the assessment year. For newly established businesses or income sources, the previous year starts from the date of establishment and ends with the financial year. For the 1989 assessment year, a special provision allows for a transitional period with specific calculations if multiple previous year periods were adopted, with modifications outlined in the Tenth Schedule if the period exceeds twelve months.
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