https://www.taxtmi.com/acts?id=3518 Where the previous year exceeds twelve months, that period is a transitional previous year and specified monetary limits, time period thresholds and allowances are increased pro rata by multiplying amounts or allowances by a fraction equal to the number of months in the transitional previous year divided by twelve (with rules for rounding partial months). Section 6 day count thresholds and depreciation allowances are modified proportionately where extended periods or multiple discrete periods are included, tax is computed by annualising income to an average rate, and the Board may grant relief to avoid genuine hardship. en-us Sat, 19 Jan 2008 22:45:54 +0530 Tue, 26 Aug 2025 13:17:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=3518 Where the previous year exceeds twelve months, that period is a transitional previous year and specified monetary limits, time period thresholds and allowances are increased pro rata by multiplying amounts or allowances by a fraction equal to the number of months in the transitional previous year divided by twelve (with rules for rounding partial months). Section 6 day count thresholds and depreciation allowances are modified proportionately where extended periods or multiple discrete periods are included, tax is computed by annualising income to an average rate, and the Board may grant relief to avoid genuine hardship. Act-Rules Income Tax Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=3518