(1)For the purposes of this Act, "tax year" means the twelve months period of the financial year commencing on the 1st April.(2)In the case of a business or profession newly set up, or a source of income newly coming into existence in any financial year, the tax year shall be the period beginning with—(a)the date of setting up of such business or profession; or(b)the date on which such source of income newly comes into existence,and ending with the said financial year.[Similar to Section 3 from The Income Tax Act, 1961-Also Refer]
