Mr. Sheoran started business on 18.11.2020. His policy is to close his books of account on December 31 st of every year, i.e. he follows calendar year. What will be the Previous year for Income-tax purposes.
A. 1.4.2020-31.3-2021
B. 18.11.2020 -31.3.2021
C. 18.11.2020-31.12.2021
D. 1.4.2020 -31.12.2020
Answer:B
Mr. Sheoran started business on 18.11.2020. His policy is to close his books of account on December 31 st of every year, i.e. he follows calendar year. What will be the Previous year for Income-tax purposes.
A. 1.4.2020-31.3-2021 B. 18.11.2020 -31.3.2021 C. 18.11.2020-31.12.2021 D. 1.4.2020 -31.12.2020