1For the purposes of this Act, "previous year" means the financial year immediately preceding the assessment year:
Provided that, in the case of a business or profession newly set up, or a source of income newly coming into existence, in the said financial year, the previous year shall be the period beginning with the date of setting up of the business or profession or, as the case may be, the date on which the source of income newly comes into existence and ending with the said financial year.
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1. Subs. by Act 27
of 1999, s. 4 (w.e.f. 1-4-2000).
Section 3 Previous year defined
Section 4 Charge of income-tax
Section 5 Scope of total income
Section 5A Apportionment of income between spouses governed by Portuguese Civil Code
Section 7 Income deemed to be received
Section 9 Income deemed to accrue or arise in India
Section 9A Certain activities not to constitute business connection in India