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what is assessment year and previous year ?
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Answer Posted / vijay
Assessment Year and Previous year are same, Assessment year
are which from 01.04.2010 to 31.03.2011 and Previous Year
are also from 01.04.2010 to 31.03.2011. Total Income of the
previous year was 4,00,000/- and Income Tax you must pay
for Income you earned in the Previous year (4,00,000)to
Income Tax in Financial Year (i.e) from 01.04.2011 to
31.04.2011 is called Assessment year. Assessment year is
the year to pay tax for the Income you earned in previous
year.
ASSESSMENT YEAR - 2010-2011, PREVIOUS YEAR - 2010-2011 &
FINANCIAL YEAR - 2011-2012
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