what is assessment year and previous year ?
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Answer Posted / devendra singh
According to Section 2(9), Assessment year is the period of
12 month which means start from 1st april to 31st march.
Previous year as define in section 3 of the act, Section 3
of the act define previous year as the financial year as
the financial year immediately precending the assessment
year. e.g. income earned during the previous year 1.4.2007
to 31.03.08 will be assessed or charged to tax in A.Y. 2008-
09
| Is This Answer Correct ? | 45 Yes | 19 No |
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