A new business was set up on 15-11-2017 and it commences its business from 1-12-2017. The first previous year in this case shall be _______________________

Question

Quizplus · Accepted Answer

The first previous year for a newly set up business is from the date of setup to the end of the financial year in which it was set up. Since the business was set up on 15-11-2017, the first previous year would be from 15-11-2017 to 31-3-2018, aligning with the financial year in India, which ends on 31st March.

A New Business Was Set Up on 15-11-2017 and It