what is assessment year and previous year ?
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Answer Posted / satya
Previous year: The year in which we earned Income is called
previous year.
Assessment year: The year in which we have paid tax for
income.
i.e: Previous year: 2005 - 2006 (The year in which we
earned Income)
Assessment year: 2006 - 2007 (The year in which we
have paid tax)
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