https://www.taxtmi.com/acts?id=3148 The statute defines "previous year" as the financial year immediately preceding the assessment year, with a special rule that where a business or source of income is newly set up during that financial year the previous year runs from the date of commencement to the end of that financial year. Historical and transitional provisions previously allowed adoption of an accounting period ending within the financial year, Board determined periods for particular persons or classes, distinct previous years for separate income sources, and restrictions on varying an adopted previous year without tax authority consent. en-us Sat, 19 Jan 2008 22:45:54 +0530 Thu, 11 Sep 2025 11:14:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=3148 The statute defines "previous year" as the financial year immediately preceding the assessment year, with a special rule that where a business or source of income is newly set up during that financial year the previous year runs from the date of commencement to the end of that financial year. Historical and transitional provisions previously allowed adoption of an accounting period ending within the financial year, Board determined periods for particular persons or classes, distinct previous years for separate income sources, and restrictions on varying an adopted previous year without tax authority consent. Act-Rules Income Tax Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=3148