Definition of previous year clarified; transitional rule fixes span and treatment for newly set up sources and varied accounting periods. The provision defines 'previous year' as the financial year preceding the assessment year, with a special rule that for newly commenced businesses, professions or income sources the previous year runs from commencement to the financial year end. A transitional rule specifies the previous year for the assessment year commencing 1st April, 1989 as the period from the day after the last day of the prior relevant previous year to 31st March, 1989, including source-wise reckonings and application of the longer period where multiple reckonings apply.
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Definition of previous year clarified; transitional rule fixes span and treatment for newly set up sources and varied accounting periods.
The provision defines "previous year" as the financial year preceding the assessment year, with a special rule that for newly commenced businesses, professions or income sources the previous year runs from commencement to the financial year end. A transitional rule specifies the previous year for the assessment year commencing 1st April, 1989 as the period from the day after the last day of the prior relevant previous year to 31st March, 1989, including source-wise reckonings and application of the longer period where multiple reckonings apply.
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