Clause 11 - Interpretation - Direct Taxes Code Bill, 2009

CHAPTER - III COMPUTATION OF TOTAL INCOME A. - General Interpretation 11 For the purposes of this Chapter, unless otherwise stated, reference to any accrual, receipt, expenditure, withdrawal, asset or liability shall be presumed to be always in relation to - (a) the financial year in respect of which the income is computed; and (b) the person in respect of whom the income is computed.