Can You Define the Previous Year?
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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?

  • 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?

  • 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?

  • 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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