CEASATION RULE IN TAXATION
DURING CEASATION OF BUSINESS THIS RULE APPLIES
PENULTIMATE YEAR.( YEAR BEFORE CEASATION)=PYB
ULTIMATE YEAR=FROM 1ST JANUARY-CEASTION DATE
TAX AUTHORITY CAN ELECT THE RIGHT TO APPLY ACTUAL YEAR BASIS(AYB) ON THE PENULTIMATE YEAR.
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