Question ID :
This has reference to Form 10B (Audit report under section 12A(b) of the Income-tax Act). As per point no. (7), the information required is,
'Whether any part of the income in respect of which an option was exercised under clause (2) of the Explanation to section 11(1) in any earlier year is deemed to be income of the previous year under section 11(1B) ? If so, the details thereo.'
Please guide whether the point should be considered as ANY earlier year or ONLY the previous year, in case it should be ANY earlier year, how many years should be go back.
Sep 7 2022 12:00AM