Which of the following would be the first tax year in case of a business or profession newly set up on…

Under Section 3(2) of the Income-tax Act, 2025 (formerly section 3 of the Income-tax Act, 1961, which used the term 'previous year'), for a business or profession newly set up in a financial year, the tax year begins on the date of setting up and ends with that financial year on 31 March. A business set up on 31 March 2027 therefore has a one-day first tax year: "Start from 31st March 2027 and will end on 31st March 2027."