Understanding the Indian Income Tax Act, 1961

 

Understanding the Indian Income Tax Act, 1961 – Complete guide to tax rules, compliance, taxpayer rights, deductions, and filing basics.

Understanding the Indian Income Tax Act, 1961: Complete Guide to Tax Rules, Compliance, Taxpayer Rights, Deductions & Filing Basics

INCOME-TAX ACT, 1961An Act to consolidate and amend the law relating to income-tax and super-tax

 INCOME-TAX ACT, 1961*

[43 OF 1961]

[AS AMENDED BY FINANCE ACT, 2021]

An Act to consolidate and amend the law relating to income-tax and super-tax

BE it enacted by Parliament in the Twelfth Year of the Republic of India as follows :—

"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.