A new business was set-up on 1st July, 2014 and trading activity was commenced from 1st September, 2014, the previous year would be the period commencing from

CS Executive · Tax Laws and Practice · PYQS · December 2015
A new business was set-up on 1st July, 2014 and trading activity was commenced from 1st September, 2014, the previous year would be the period commencing from
(A) 1st April, 2014 to 31st March, 2015
(B) 1st July, 2014 to 31st March, 2015
(C) 1st September, 2014 to 31st March, 2015
(D) 1st October, 2014 to 31st March, 2015.

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B).

Topics: Income Tax Act, 1961

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