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what is assessment year and previous year ?
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Answer Posted / vidishaa paul
According to Sec. 2(d), Assessment year means a period of 12 months starting from 1st April and ending on 31st March. At present Assessment year 2010-11 is in progress. Assets held by the assessee as on 31.3.2010 shall be included in the Net Wealth from Assessment year 2010-11 point of view.
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