Section 46, The Income Tax Act, 2000

(1) Subject to subsection (2), the year of assessment is the period of twelve months ending on 31st March andshall be referred to as the "ordinary year of assessment". (2) The Commissioner may, on written application, grant permission to use a different twelve month period as the year of assessment (referred to as a substituted year of assessment), subject to any conditions prescribed by him. (3) Permission granted to use a substituted year of assessment can be withdrawn by written notice issued by the (4) A notice issued by the Commissioner under subsection (3) shall take effect at the end of the taxpayer’s substituted year of assessment. (5) References to a year of assessment shall. be read, in the case of a taxpayer authorised to use a substituted year of assessment, as a reference to the taxpayer’s s substituted year of assessment.