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what is assessment year and previous year ?
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Answer Posted / goutham kumar
let me say u a example to make u clear about PREVIOUS YEAR & ASSESSMENT YEAR
suppose u have earned a income in the financial year 2010-2011(april,2010-march,2011) u need to pay income tax on income earned on above year in the year 2011-2012
Now, 2010-2011 comes under previous year and
2011-2012 comes under assessment year
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