{"act":{"id":"finance-act-1999","short_title":"The Finance Act, 1999","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 1999-2000.","act_number":null,"act_year":1999,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":102,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-1999/"},"unit":"section","section":{"number":"4","heading":"Substitution of new section for section 3","text":"Substitution of new section for section 3. 4. For section 3 of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 2000, namely :— ‘3. \"Previous year\" defined.—For the purposes of this Act, \"previous year\" means the financial year immediately preceding the assessment year : Provided that, in the case of a business or profession newly set up, or a source of income newly coming into existence, in the said financial year, the previous year shall be the period beginning with the date of setting up of the business or profession or, as the case may be, the date on which the source of income newly comes into existence and ending with the said financial year.’. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Substitution of new section for section 3.</b></p><p><b>4.</b> For section 3 of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 2000, namely :—</p><p>‘3. <i>\"Previous year\" defined.</i>—For the purposes of this Act, \"previous year\" means the financial year immediately preceding the assessment year :</p><p><b>Provided</b> that, in the case of a business or profession newly set up, or a source of income newly coming into existence, in the said financial year, the previous year shall be the period beginning with the date of setting up of the business or profession or, as the case may be, the date on which the source of income newly comes into existence and ending with the said financial year.’.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":130,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-1999/section/4/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}