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Previous year
A partnership firm has started business on jan 2017. What is the previous year for it?
Replies (4)
2016-17 itself
Was there a law like if you are an new assessee, you will get 15 months as the previous year?
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
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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