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what is assessment year and previous year ?

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)

Is This Answer Correct ?    17 Yes 3 No



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