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Questions and Answers
According to the Income Tax Act, when does the previous year begin for a business or profession newly set up?
According to the Income Tax Act, when does the previous year begin for a business or profession newly set up?
- On the date of setting up the business or profession (correct)
- On the date of the assessment year
- On the date of the financial year
- On the date of the source of income newly coming into existence
What does the term 'previous year' refer to for the purposes of the Income Tax Act?
What does the term 'previous year' refer to for the purposes of the Income Tax Act?
- The current financial year
- The financial year immediately following the assessment year
- The financial year with the highest income
- The financial year immediately preceding the assessment year (correct)
In the case of a source of income newly coming into existence, when does the previous year end?
In the case of a source of income newly coming into existence, when does the previous year end?
- At the end of the financial year (correct)
- At the end of the source of income coming into existence
- At the end of the period beginning with the date of setting up the business or profession
- At the end of the assessment year
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