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what is assessment year and previous year ?
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Answer Posted / kanhaiya
previous year means year in which you earn any income...in
p/y you only earn income.
the above income earned is calculated and taxed in next
year which is called ASSESSMENT YEAR.
e.g income u earn in 2006-07 will be taxable in 2007-08
| Is This Answer Correct ? | 34 Yes | 20 No |
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