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Previous year in the case of newly set-up business/profession ??

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

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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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 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). Thanks

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Data?1494421730 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 Thanks

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