Which section of the Income-tax Act, 2025 defines ‘tax year’?
Question and options
Which section of the Income-tax Act, 2025 defines ‘tax year’?
Section 5
Section 3
Section 4
Section 6
Answer and explanation
Correct answer: B - Section 3
Section 3 of the Income-tax Act, 2025 defines the tax year as the financial year beginning on 1 April, with a shorter first year for a newly set-up business, profession or source of income. Section 4 is the charge of income-tax, section 5 the scope of total income and section 6 residence.
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