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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?

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Anantkumar (Student CA IPC / IPCC) (22 Points)
Replied 09 September 2017

2016-17 itself

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

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