Section 3 — Definition of “tax year”
Old Act equivalent: 2(9) (previous year) of IT Act 1961 Sub-part: Chapter I—Preliminary
Statutory Text
- (1) For the purposes of this Act, “tax year” means the twelve months period
of the financial year commencing on the 1st April. (2) In the case of a business or profession newly set up, or a source of income newly coming into existence in any financial year, the tax year shall be the period beginning with—
(a) the date of setting up of such business or profession; or
(b) the date on which such source of income newly comes into existence, and ending with the said financial year. CHAPTER II BASIS OF CHARGE
Provisos
None.
Explanations
None.
Tables
None.
Key Structure
- Applies to: All assessees.
- Conditions: Tax year = financial year (April to March); for newly set up business/profession, from date of setup.
- Time limits: 12 months commencing 1st April; shorter period for new businesses.
- Monetary limits: None.
- Exceptions: Central Government may notify different tax year for specified entities.
Cross-References
None identified.
Amendment Notes
None noted from the extracted pages.