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of <h1>Assessees can extend the previous year to March 31, 1988, u/s 3(4) of the Income-tax Act, 1961.</h1> The Direct Tax Laws (Amendment) Act, 1987, specifies that for the assessment year starting April 1, 1989, the 'previous year' ends on March 31, 1989. To address potential issues during this transition, assessees may request to extend their previous year for the assessment year 1988-89 to March 31, 1988. Such requests should be liberally approved by assessing authorities under section 3(4) of the Income-tax Act, 1961, provided there is no revenue loss. These instructions should be communicated to relevant officers and publicized through Chambers of Commerce and trade associations.
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