what is assessment year and previous year ?

Answer Posted / vidishaa paul

According to Sec. 2(d), Assessment year means a period of 12 months starting from 1st April and ending on 31st March. At present Assessment year 2010-11 is in progress. Assets held by the assessee as on 31.3.2010 shall be included in the Net Wealth from Assessment year 2010-11 point of view.

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