3 "Previous year" defined 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. CHAPTER II BASIS OF CHARGE 490 491 492 493 494 495 496 497 498 499 500 501 502 503 504 505 506 507 508 509 510 511 512 513 514 515 516 517 518 519 520 521 522 523 524 525 526 527 528 529 530 531 532 533 534 535 536 537 538 539 540 541 542 543 544 545 546 547 548 549 550 551 552 553 554 555 556 557 558 559 560 561 562 563 564 565 566 567 568 569 570 571 572 573 574 575 576 577 578 579 580 581 582 583 584 585 1426 1427 1428 1429 1430 1431 1432 1433 1434 1435 1436 1437 3026 3030 3031 4702 4703 4704 4705 4706 4707 4708 4709 4710 4711 490 Ins. by Act 33 of 2009, s. 4 (w.e.f. 1-4-2010). 491 Ins. by Act 18 of 1992, S. 4 (w.e.f. 1-4-1993). 492 Ins. by Act 17 of 2013, s. 5 (w.e.f. 1-4-2014). 493 Ins. by Act 28 of 2016, s. 7 (w.e.f. 1-4-2017). 494 Subs. by s. 7, ibid., for “section 115TC” (w.e.f. 1-4-2017). 495 Clause
(23E) omitted by Act 20 of 2002, s. 4 (w.e.f. 1-4-2003). 496 Ins. by Act 10 of 2000, s. 5 (w.e.f. 1-4-2001). 497 Subs. by Act 21 of 2006, s. 4, for “any income” (w.e.f. 1-4-2007). 498 Ins. by Act 20 of 2002, s. 4 (w.e.f. 1-4-2002). 499 Subs. by Act 32 of 2003, s. 6, for “Credit Guarantee Fund Trust for Small Scale Industries” (w.e.f. 1-4-2002). 500 Ins. by Act 22 of 2007, s. 6 (w.e.f. 1-4-2008). 501 Ins. by Act 17 of 2013, s. 5 (w.e.f. 1-4-2014). 502 Ins. by Act 20 of 2015, s. 7 (w.e.f. 1-4-2016). 503 Ins. by Act 22 of 1995, s. 4 (w.e.f. 1-4-1996). 504 Ins. by Act 27 of 1999, s. 6 (w.e.f. 1-4-2000). 505 The third and fourth provisos omitted by Act 21 of 1998, s. 5 (w.e.f. 1-4-1999). 506 Subs. by s. 5, ibid., for clause (c) (w.e.f. 1-4-1999). 507 Subs. by Act 32 of 2003, s. 6, for “dividends” (w.e.f. 1-4-2004). 508 Ins. by Act 10 of 2000, s. 5 (w.e.f. 1-4-2001). 509 Subs. by Act 22 of 2007, s. 6, for “set up to raise funds for investment” (w.e.f. 1-4-2008). 510 Ins. by Act 20 of 2015, s. 7 (w.e.f. 1-4-2016). 511 Subs. by Act 17 of 2013, s. 5 for the
Explanation 1 (w.e.f. 1-4-2013). 512 The
Explanation 2 omitted by Act 23 of 2004, s. 5 (w.e.f. 1-10-2004). 513 Ins. by Act 20 of 2015, s. 7 (w.e.f. 1-4-2016). 514 Ins. by Act 25 of 2014, s. 5 (w.e.f. 1-4-2015). 515 Subs. by Act 27 of 2016, s. 7, for “by way of interest received or receivable from a special purpose vehicle” (w.e.f. 1-4-2017). 516 Subs. by Act 27 of 2016, s. 7, for “in clause (23FC)” (w.e.f. 1-4-2017). 517 Clause
(23G) omitted by Act 21 of 2006, s. 4 (w.e.f. 1-4-2007). 518 Subs. by Act 33 of 1996, s. 4, for clause (24) (w.e.f. 1-4-1997). 519 Ins. by Act 16 of 1972, s. 4 (w.e.f. 1-4-1973). 520 Ins. by Act 99 of 1976, s. 40 (w.e.f. 1-8-1976). 521 Ins. by Act 22 of 1995, s. 4 (w.e.f. 1-4-1962). 522 Subs. by the North-Eastern Areas (Reorganisation) Adaptation of Laws on Union Subjects) Order, 1974, for clause 26 (w.e.f. 21-1-1972). 523 Subs. by Act 32 of 1994, s. 6, for “States of Nagaland, Manipur and Tripura or in the Union territories of Arunachal Pradesh and Mizoram” (w.e.f. 1-4-1995). 524 Ins. by Act 21 of 1998, s. 5 (w.e.f. 1-4-1999). 525 Subs. by Act 32 of 1994, s. 6, for “States or Union territories aforesaid” (w.e.f. 1-4-1995). 526 Ins. by Act 15 of 1965, s. 3 (w.e.f. 1-4-1962). 527 The brackets and words “(not being an individual who is in the service of Government)” omitted by Act 32 of 1971, s. 4 (w.e.f. 1-4-1962). 528 Subs. by Act 32 of 1985, s. 4, for “1st day of April, 1986” (w.e.f. 1-4-1985). 529 The
Explanation renumbered as
Explanation 1 by Act 11 of 1983, s. 5 (w.e.f. 1-4-1980). 530 Ins. by s. 5, ibid. (w.e.f. 1-4-1980). 531 Clause
(26AA) omitted by Act 26 of 1997, s. 3 (w.e.f. 1-4-1998). 532 Ins. by Act 18 of 2008, s. 4 (w.e.f. 1-4-1990). 533 Ins. by s. 4, ibid. (w.e.f. 1-4-2009). 534 Ins. by Act 13 of 1980, s. 3 (w.e.f. 1-4-1972). 535 Subs. by Act 32 of 1994, s. 6, for “members of either the Scheduled Castes or the Scheduled Tribes or of both” (w.e.f. 1-4-1993). 536 Subs. by Act 32 of 1994, s. 6, for the
Explanation (w.e.f. 1-4-1993). 537 Ins. by Act 22 of 1995, s. 4 (w.e.f. 1-4-1995). 538 Ins. by Act 32 of 2003, s. 6 (w.e.f. 1-4-2004). 539 Ins. by Act 18 of 1992, s. 4 (w.e.f. 1-4-1989). 540 Clause
(28) omitted by Act 26 of 1997, s. 3 (w.e.f. 1-4-1998). 541 Clause
(29) omitted by Act 20 of 2002, s. 4 (w.e.f. 1-4-2003). 542 Ins. by Act 27 of 1999, s. 6 (w.e.f. 11-5-1999). 543 Ins. by Act 18 of 2008, s. 4 (w.e.f. 1-4-2002). 544 Ins. by Act 42 of 1970, s. 3 (w.e.f. 1-4-1969). 545 Ins. by Act 21 of 1984, s. 3 (w.e.f. 1-4-1985). 546 Subs. by Act 4 of 1988, s. 2, for “Income-tax Officer” (w.e.f. 1-4-1988). 547 Ins. by Act 26 of 1988, s. 4 (w.e.f. 1-4-1989). 548 Ins. by Act 18 of 1992, s. 4 (w.e.f. 1-4-1993). 549 Ins. by Act 32 of 2003, s. 6 (w.e.f. 1-4-2004). 550 Ins. by Act 28 of 2016, s. 7 (w.e.f. 1-4-2017). 551 The
Explanation omitted by Act 8 of 2011, s. 4 (w.e.f. 1-6-2011). 552 Ins. by Act 17 of 2013, s. 5 (w.e.f. 1-4-2014). 553 Ins. by Act 17 of 2013, s. 5 (w.e.f. 1-4-2014). 554 Ins. by Act 28 of 2016, s. 7 (w.e.f. 1-4-2017). 555 Subs. by s. 7, ibid., for “section 115TC” (w.e.f. 1-4-2017). 556 Ins. by Act 23 of 2004, s. 5 (w.e.f. 1-4-2005). 557 Ins. by Act 7 of 2017, s. 6 (w.e.f. 1-4-2015). 558 Ins. by Act 25 of 2014, s. 5 (w.e.f. 1-4-2015). 559 Ins. by Act 21 of 2006, s. 4 (w.e.f. 1-4-2007). 560 The second proviso omitted by Act 20 of 2015, s. 7 (w.e.f. 1-4-2016). 561 Ins. by Act 28 of 2016, s. 7 (w.e.f. 1-4-2016). 562 Ins. by Act 7 of 2017, s. 6 (w.e.f. 1-4-2018). 563 Ins. by Act 13 of 2018, s. 5 (w.e.f. 1-4-2018). 564 Subs. by Act 28 of 2016, s. 7, for the
Explanation (w.e.f. 1-4-2016). 565 Ins. by Act 55 of 2005, s. 2 (w.e.f. 1-4-2006). 566 Ins. by Act 21 of 2006. s. 4 (w.e.f. 1-4-2007). 567 Ins. by Act 43 of 2008, s. 4 (w.e.f. 1-4-2008). 568 Ins. by Act 33 of 2009, s. 4 (w.e.f. 1-4-2009). 569 Ins. by Act 8 of 2011, s. 4 (w.e.f. 1-4-2008). 570 Ins. by Act 8 of 2011, s. 4 (w.e.f. 1-6-2011). 571 Ins. by Act 13 of 2018, s. 5 (w.e.f. 1-4-2018). 572 Ins. by Act 23 of 2012, s. 5 (w.e.f. 1-4-2012). 573 Subs. by Act 17 of 2013, s. 5, for “sale of crude oil to any person” (w.e.f. 1-4-2014). 574 Ins. by Act 28 of 2016, s. 7 (w.e.f. 1-4-2016). 575 Ins. by Act 7 of 2017, s. 6 (w.e.f. 1-4-2018). 576 Ins. by Act 13 of 2018, s. 5 (w.e.f. 1-4-2019). 577 Ins. by Act 17 of 2013, s. 5 (w.e.f. 1-4-2014). 578 Ins. by Act 28 of 2016, s. 7 (w.e.f. 1-6-2016). 579 Subs. by Act 10 of 2000. s. 6, for section 10A (w.e.f. 1-4-2001). 580 Subs. by Act 14 of 2001, s. 6, for “undertaking was first set up” (w.e.f. 1-4-2001). 581 The third proviso omitted by s. 6, ibid. (w.e.f. 1-4-2002). 582 Ins. by Act 20 of 2002, s. 5 (w.e.f. 1-4-2003). 583 Subs. by Act 33 of 2009, s. 5, for “1st day of April, 2011” (w.e.f. 1-4-2009). 584 Subs. by Act 32 of 2003, s. 7 (w.e.f. 1-4-2004). 585 Ins. by Act 18 of 2005, s. 5 (w.e.f. 1-4-2006). 1426 Ins. by Act 49 of 1991, s. 18 (w.e.f. 1-4-1962). 1427 Subs. by Act 18 of 1992, s. 23 for “conversion of debentures” (w.e.f. 1-4-1962). 1428 Ins. by Act 18 of 2008, s. 14 (w.e.f. 1-4-2008). 1429 Ins. by Act 7 of 2017, s. 23 (w.e.f. 1-4-2018). 1430 Ins. by Act 26 of 1997, s. 16 (w.e.f. 1-4-1998). 1431 Subs. by Act 21 of 1998, s. 21 for “31st day of December, 1997” (w.e.f. 1-4-1998). 1432 Ins. by Act 21 of 1998, s. 21 (w.e.f.1-4-1999). 1433 Subs. by Act 14 of 2001, s. 29, for certain words (w.e.f. 1-4-2002). 1434 Subs. by Act 32 of 2003, s. 30, for “corporatisation” (w.e.f. 1-4-2004). 1435 Ins. by Act 14 of 2001, s. 29 (w.e.f. 1-4-2002). 1436 Ins. by Act 32 of 2003, s. 30 (w.e.f. 1-4-2004). 1437 Ins. by Act 14 of 2010, s. 18 (w.e.f. 1-4-2011). 3026 Subs. by Act 25 of 2014, s. 50, for “sign and verify” (w.e.f. 1-10-2014). 3030 Ins. by Act 33 of 2009, s. 54 (w.e.f. 1-4-2010). 3031 Ins. by Act 4 of 1988, s. 44 (w.e.f. 1-4-1989). 4702 Subs. by Act 4 of 1988, s. 2, for “Commissioner” (w.e.f. 1-4-1988). 4703 Subs. by Act 25 of 2014, s. 4, for “Chief Commissioner” (w.e.f. 1-6-2013). 4704 Subs. by s. 4, ibid., for “Commissioner” (w.e.f. 1-6-2013). 4705 Ins. by Act 21 of 2006, s. 56 (w.e.f. 1-4-2007). 4706 Subs. by Act 8 of 2011, s. 34, for “31st day of December, 2010” (w.e.f. 1-1-2011). 4707 Subs. by Act 17 of 2013, s. 60, for “31st day of March, 2013” (w.e.f. 1-4-2013). Earlier “the 31st day of March, 2012” was substituted for “the 31st day of March, 2013” by Act 23 of 2012, s. 114 (w.e.f. 1-4-2012). 4708 Ins. by Act 22 of 2007, s. 82 (w.e.f. 1-4-2007). 4709 Subs. by Act 4 of 1988, s. 2, for “Commissioner” (w.e.f. 1-4-1988). 4710 Subs. by Act 25 of 2014, s. 4, for “Chief Commissioner” (w.e.f. 1-6-2013). 4711 Subs. by s. 4, ibid., for “Commissioner” (w.e.f. 1-6-2013).