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what is assessment year and previous year ?
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Answer Posted / avinash singhal
Assessment Year is an year in which Income earned in the previous year is assessed and tax liability is calculated. For example, Income earned from 01-04-2013 to 31-03-2014 (Previous year 2013-2014) then the tax liability will be computed after 31-03-2014 i.e., from 01-04-2014 which is 2014-2015 (assessment year).
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