Can You Define the Previous Year?

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

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)

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