Mr. X has started has business from 1st Sept '19 and does not have any other source
of income. His first previous year will start from
a. 1st April 19
b. 1st Sept '19
C. Any of the above
d. None of the above.
Answers
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B) 1st Sept, 19
Explanation:
The previous year for the business of Mr. X will be 1st September, 2019 as regardless of the profit making, Mr. X has commenced his business from 1st Sept,19 so the previous year will be started from the date of commencement of the business.
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