"Previous year" defined SECTION-3

 "Previous year" defined.

SECTION-3

. For the purposes of this Act, "previous year" means the financial year immediately preceding the assessment year :

Provided that, in the case of a business or profession newly set up, or a source of income newly coming into existence, in the said financial year, the previous year shall be the period beginning with the date of setting up of the business or profession or, as the case may be, the date on which the source of income newly comes into existence and ending with the said financial year.

Income Tax Return ITR: Relief To Taxpayers

There is helpful news for the citizens who have not re-confirmed their ITR for the monetary year 2019-20. 

The Income Tax Department has expanded the cutoff time for e-confirmation, giving help to such citizens.

Such taxpayers have been given an exemption by the Income Tax Department to complete the verification process by February 28, 2022. As per law, Income Tax Returns (ITR) filed electronically without a digital signature can be submitted within 120 days with Aadhaar OTP or code sent through net-banking or Demat account, pre-validated bank account, and e-through ATM. Have to get verified.