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Answer Posted / srd1007
Assessment Year Section 2(9): It means the period of 12
Months starting from 1st April and ending on 31st March of
the next year.For e.g.,the assessment year 2010-2011 which
will commence on 1st April 2010 & end on 31st March
2011.Income of previous year is taxed on the basis of rates
prescribed by the relevant Finance Act for the relevant
assessment year.
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