Section 2(9) : Assessment Year Assessment Year means the period of 12 months commencing on the first day of April every year. Section 2 (34) : Previous year means previous year defined under Sec 3 Sec 3 : Previous year means the financial year immediately preceding the assessment year. First P/Y for a B/P newly set-up during the F/Y or for a new source of income: In such a case period beginning from date of setting up of business /new source came into existence & Ending on the last day of that F/Y Cases where income of previous year is assessed in the same year section Sec 172 : Sec 174: Sec174A : Sec 175 : Sec 176 : Non resident Assessment of Association Assessment of Discontinued shipping Persons Leaving formed for short Persons Likely to business India duration Transfer Property to Avoid Tax Applicable Non-Resident Appears to AO Appears to AO Appears to AO Where any that owner/Charterer of that any AOP any person is business/ that any individual Ship Carrying may formed for likely to sell any of profession is passengers, leave India particular his assets during a discontinued in any livestock,goods during current event/purpose. P/Y P/Y shipped at Indian P/Y or shortly & is likely to be with a view to avoid Port during P/Y after its expiry & dissolved during of any has no intention P/Y liability of returning to India Income 7.5 % of amount TI of individual TI of such TI of such person B/P income on account of such From first day of association commencing from Commencing from carriage P/Y Upto Commencing first day of P/Y first day of P/Y Upto probable date of from first day of Upto date of date of his departure from P/Y Upto date of commencement of discontinuance India its dissolution proceedings by AO under this section When to tax chargeable to tax chargeable to tax chargeable to tax in chargeable to tax in taxable in same P/Y . in same P/Y in same P/Y same P/Y same P/Y at discretion of AO
Section 2(9) : Assessment Year Assessment Year means the period of 12 months commencing on the first day of April every year. Section 2 (34) : Previous year means previous year defined under Sec 3 Sec 3 : Previous year means the financial year immediately preceding the assessment year. First P/Y for a B/P newly set-up during the F/Y or for a new source of income: In such a case period beginning from date of setting up of business /new source came into existence & Ending on the last day of that F/Y Cases where income of previous year is assessed in the same year section Sec 172 : Sec 174: Sec174A : Sec 175 : Sec 176 : Non resident Assessment of Association Assessment of Discontinued shipping Persons Leaving formed for short Persons Likely to business India duration Transfer Property to Avoid Tax Applicable Non-Resident Appears to AO Appears to AO Appears to AO Where any owner/Charterer of that any that any AOP that any person is business/ Ship Carrying individual may formed for likely to sell any of profession is passengers, leave India particular his assets during a discontinued in any livestock,goods during current event/purpose. P/Y P/Y shipped at Indian P/Y or shortly & is likely to be with a view to avoid Port during P/Y after its expiry & dissolved during of any has no intention P/Y liability of returning to India Income 7.5 % of amount TI of individual TI of such TI of such person B/P income on account of such From first day of association commencing from Commencing from carriage P/Y Upto Commencing first day of P/Y first day of P/Y Upto probable date of from first day of Upto date of date of his departure from P/Y Upto date of commencement of discontinuance India its dissolution proceedings by AO under this section When to tax chargeable to tax chargeable to tax chargeable to tax in chargeable to tax in taxable in same P/Y . in same P/Y in same P/Y same P/Y same P/Y at discretion of AO