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what is assessment year and previous year ?
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Answer Posted / rajesh kumar srivastava
ACCORDING TO SECTION 2(9)ASSESSMENT YEAR (AY) IS THE PERIOD
OF 12 MONTH WHICH STARTS FROM 1ST APRIL AND ENDS 31ST MARCH.
ACCORDING TO SECTION 2(34),PREVIOUS YEAR MEANS THE PREVIOUS
YEAR AS DEFINED IN SECTION 3 OF THE ACT. SECTION 3 OF THE
ACT DEFINES PREVIOUS YEAR AS THE FINANCIAL YEAR IMMEDIATELY
PRECEDING ASSESSMENT YEAR e.g.INDOME EARNED DURING PREVIOUS
YAER 1.4.2009 TO 31.03.2010 WILL BE ASSESSED OR CHARGED TO
TAX IN A.Y. 2010-2011
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