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3. "Can an assesse have more than one previous in respect of same assessment year? Explain. |
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Answer» It should be NOTED that in cases given in 1, 2, 4 and 5 it is mandatory to tax the income in the previous year itself. HOWEVER, in CASE 3, (i.e., income of discontinued business/profession), income can be charged to tax in the previous year itself or in the assessment year (at the DISCRETION of the A.O). |
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