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what is assessment year and previous year ?
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Answer Posted / c.murugan
Previous year is the year for for which the actual
transaction made or taking in to account for calculation /
IT filing where as the Assessment year means immediate
next year for the previous year. Fox example, if, Mr. A is
filing IT return on 29.08.2012 for the period of 01.04.2011
to 31.03.2012, the A Y is 2012-13 and the P Y is 2011-12.
C.Murugan
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