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what is assessment year and previous year ?
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Answer Posted / anupam
the year in which you earn your income is previous year as
per income tax Act. Income Tax department assess these
incomes in subsequent year which is why the year is called
Assessment Year. therefore previous year is a year which
precedes assessment year. Only in exceptional cases income
is assessed in the same year, it is earned.
| Is This Answer Correct ? | 63 Yes | 20 No |
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