Financial year as uniform accounting year - Removal of difficulties faced by companies during transitional previous year relevant for assessment year 1989-90 and also in subsequent years

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Full Text of the Document

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....s during transitional previous year relevant for assessment year 1989-90 and also in subsequent years The concept of uniform accounting year is being brought in form of the assessment year 1989-90, as per section 3 of the Income-tax Act, 1961, as amended by the Direct Tax Laws (Amendment) Act, 1987, so that the first uniform date on which the companies are required to furnish to assessing authori....