Income of previous year is assessed in the AY EXCEPT in case of:
ASalary above Rs. 1 crore
BShipping business of non-residents (Section 172)
CCapital gains above Rs. 10 lakhs (per relevant Section)
DAll residents above 60 years
Answer & Solution
Correct answer: B. Shipping business of non-residents (Section 172)
1. General rule: income of previous year is taxed in the assessment year.
2. Section 172 exception: shipping business of non-residents is taxed in the same year before the ship leaves port.
3. Other exceptions: AOP for short events (174), persons leaving India (174A), discontinued business (176).
_Source: ICAI BoS CA Final Paper 7, Ch 1 "Basic Concepts"_
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