"Income of the previous year is assessable as the income of immediately following financial year." State any five exceptions to this rule.

In the following situation, the Income of previous year of an assessee is assessed in the same previous year itself: i. Income of Non-Resident from Shipping: [Section 172]- A non-resident who is carrying on a shipping business and earns income at any port in India, shall be charged to tax before the ship is allowed to leave Indian Port. ii. Income of persons leaving India either permanently or for long duration: [Section 174]- When it appears to the Assessing Officer (A.O.) that an individual may leave India and has no intentions of returning back during an assessment year, then the income is charged to tax during the same Assessment year. iii. Income of bodies formed for short duration: [Section 174A]- When it appears to the Assessing Officer (A.O.) that any organization is formed for a particular event and is likely to be dissolved during the current assessment year iv. Income of person trying to transfer his assets with a view to avoid tax: [Section 175]- When it appears to the Assessing Officer (A.O.) that during the current assessment year any person is likely to charge, sell, transfer, dispose of or otherwise part with any of his assets to avoid payment of any liability under this Act, the total income of such person for the period from the expiry of the previous year to the date, when the Assessing Officer commences proceedings under this section is chargeable to tax in that assessment year. v. Income of Discontinued Business: [Section 176]- Where any business or profession is discontinued in any assessment year, the income of the period from the expiry of the previous year up to the date of such discontinuance may, at the discretion of the Assessing Officer, be charged to tax in that assessment year.