what is assessment year and previous year ?
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Answer Posted / navneet bagri
assessment year means the year for which tax are made but
previous year means the year for which the assessment is
being done i.e if today we are earning in 2008 after march
then we will call it as previous year then the assessment
year wiil become the next year in which we are required to
pay tax for the income earned by us in this year 2008 so AY
is 2009-2010 and PY is 2008-2009
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