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what is assessment year and previous year ?
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Answer Posted / haseeb khattak
previous year a period of 12 month which we calculate the income or profit of such year is called previous year.
The previous year always before the tax payment. The period of 12 month normally started from 1st January to 31 December.The previous year also called income year.
Assessment year is a period of 12 months which we calculate or (compute) the total tax on profit or income of previous year of the company . The Assessment year immedietly come from income year when the business close the period of 12 month.
e.g: you earn income 2010-2011 previous year
taxable in 2011-2012 Assessment year
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