Taxation of previous year as single unit ensures income taxed at assessment-year rates when switching from Hijri to financial year. Income for an assessment year must be treated as a single unit: unassessed income from a period prior to adoption of the financial year combined with the financial year's income is to be aggregated and taxed at the rates prescribed in the Finance Act, which are referenced to the assessment year rather than the financial year.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Taxation of previous year as single unit ensures income taxed at assessment-year rates when switching from Hijri to financial year.
Income for an assessment year must be treated as a single unit: unassessed income from a period prior to adoption of the financial year combined with the financial year's income is to be aggregated and taxed at the rates prescribed in the Finance Act, which are referenced to the assessment year rather than the financial year.
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