Substitution of new section for section 3
Section 4 of the Finance Act, 1999 deals with substitution of new section for section 3. Substitution of new section for section 3.
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.
Section 4, The Finance Act, 1999.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
This section refers to
Referred to by 2
Questions about Section 4
What does Section 4 of the Finance Act deal with?
Section 4 of the Finance Act is headed "Substitution of new section for section 3". Substitution of new section for section 3.
How do I find court cases under Section 4 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1999 4, section 4 Finance Act 1999, section 4 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 4 of the Finance Act, and has it changed?
Its own text turns on section 3 (Amendment of section 2), Income-tax Act 3 ("Previous year" defined), so none of them can safely be read on its own. 2 other provisions in this corpus refer back to it.
When was the Finance Act enacted?
Finance Act was enacted in 1999. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- 50. Substitution of new section for section 80-IA5311 words
- First Schedule. First Schedule5092 words
- 2. Income-tax1942 words
- 6. Amendment of section 101681 words
- 3. Amendment of section 21112 words
- 38. Substitution of new section for section 72A903 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.