Tuesday, 6 September 2011

What is assessment year and previous year in India

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What is assessment year? Section.2(9)

An assessment year is the period of twelve months starting from 1st april of every ending on 31st march of the next year.
For Example the current assessment year for 1st April 2011 to 31st march 2012

What is a previous Year ? Section.3

The year in which income is earned is known as previous year Generally, the income earned in a year is taxable in the year is taxable in the next year
For example the PY for  31st march 2011 to 1st April 2010


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