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what is assessment year and previous year ?
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Answer Posted / vivek ramakrishnan
Well, let's say you've earned Rs. 5 lacs in FY 2010-11 (i.e
for the period 01 Apr 2010 to 31 Mar 2011).
When do you file your tax returns for this? ==> It's
usually in June or July 2011.
June 2011 is actually the next year (you earned Rs. 5 lacs
for the year ended 31 Mar 2011, remember?). June 2011 falls
under FY 2011-12 (since it falls under the period 01 Apr
2011 to 31 Mar 2012).
Since you file your returns in June 2011, and hence your
tax is assessed in June 2011, this year i.e. FY 2011-12 is
called the "Assessment year".
The previous year, i.e. FY 2010-11 is called...well,
the "Previous year"
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