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what is assessment year and previous year ?

Answer Posted / kanhaiya

previous year means year in which you earn any income...in
p/y you only earn income.
the above income earned is calculated and taxed in next
year which is called ASSESSMENT YEAR.
e.g income u earn in 2006-07 will be taxable in 2007-08

Is This Answer Correct ?    34 Yes 20 No



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