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Incomes which are charged to tax in the previous year itself viz:
o Income of a person leaving India [Section 174]
o Income of a person likely to transfer property to avoid tax [Section 175]
o Income of discontinued business or profession [Section 176]
o Income from shipping business of non-residents [Section 172]
o Income of bodies formed for short duration [Section 174A]
Generally, income of previous year is taxed (i.e., assessable) in the immediately following assessment year. However, in following cases, income of previous year is taxed in the previous year itself :
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