Question

3. "Can an assesse have more than one previous in respect of same assessment year? Explain.​

Answer 1

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).