Uma
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narahari
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The first previous year commences on the date of setting up of the business/profession (or, as the
case may be, the date on which the source of income newly comes into existence) and ends on the
immediately following March 31.
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lochan
answered
**Previous year in the case of newly set-up business/profession**
In the case of a newly set-up business/ profession or in the case of a new source of income, the previous year
is determined as follows –
The first previous year commences on the date of setting up of the business/profession (or, as the
case may be, the date on which the source of income newly comes into existence) and ends on the
immediately following March 31. Thus, in the case of a newly set-up business/profession or new
source of income, the first previous year is a period of 12 months or less than 12 months. It can never
exceed 12 months.
The second and subsequent previous years are always financial years. The second and subsequent
previous years are always of 12 months each (i.e., April to March).
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rohit awasthi
answered
PY for newly set up business or profession
The PY will be start from the date of on which the source of income newly comes into existence and will be end with 31st march of the financial year.
for example if business starts on 01.06.2014
Then PY will be from 01.06.2014 to 31.03.2015
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