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what is assessment year and previous year ?
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Answer Posted / prabhat
Assessment year the year in which your Total Income
is assessed, e. g. If you are earning 650000/- in 2011-2012
(1 st April 2011 - 31st March 2012), then this Income will
assessed (Calculated) in the Financial year 2012 - 2013.
It means that Assessment year is 2012 - 2013, and Last
year is 2011-2012
.
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