Accounting · Income Tax Act 1961
Which of the following is NOT a correct statement regarding the concept of 'Previous Year' under the Income Tax Act, 1961?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Every source of income has the same previous year unless otherwise specified.
- 2Income of a previous year is generally taxable in that very same previous year.✓
- 3For a newly set-up business, the previous year begins from the date of setting up of the business.
- 4The previous year normally starts on 1st April and ends on 31st March.
Correct answer
Income of a previous year is generally taxable in that very same previous year.
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