Section 2(9) in The Black Money (Undisclosed Foreign Income And Assets) And Imposition Of Tax Act, 2015
(9)"previous year" means—(a)the period beginning with the date of setting up of a business and ending with the date of the closure of the business or the 31st day of March following the date of setting up of such business, whichever is earlier;(b)the period beginning with the date on which a new source of income comes into existence and ending with the date of closure of the business or the 31st day of March following the date on which such new source comes into existence, whichever is earlier;(c)the period beginning with the 1st day of the financial year and ending with the date of discontinuance of the business other than business referred to in clause (b) or dissolution of an unincorporated body or liquidation of a company, as the case may be; or(d)the period of twelve months commencing on the 1st day of April of the relevant year in any other case,and which immediately precedes the assessment year.
