Previous year
Suresh Pai S (Tax Consultant) (1029 Points)
09 September 2017
A partnership firm has started business on jan 2017. What is the previous year for it?
4 Replies
Suresh Pai S
(Tax Consultant)
(1029 Points)
Replied 09 September 2017
Was there a law like if you are an new assessee, you will get 15 months as the previous year?
MADHVENDRA NARAYAN
(ARTICLE / AUDIT ASSISTANT)
(143 Points)
Replied 09 September 2017
Previous year is year preceding to assessment year . but in your case previous year start from January 2017 and end on 31 March 2017 . As your case of newly set up of business or newly source of income arises in such case previous year start from the date of setup & end with the end of financial year. Thanks
MADHVENDRA NARAYAN
(ARTICLE / AUDIT ASSISTANT)
(143 Points)
Replied 09 September 2017
Previous year is year preceding to assessment year . but in your case previous year start from January 2017 and end on 31 March 2017 . As your case of newly set up of business or newly source of income arises in such case previous year start from the date of setup & end with the end of financial year. Thanks
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