Question

3. The term previous means -
(A) Financial year
(B) Calendar year
(C) Accounting year
(D) Financial year before the assessment year​

Answer 1

(D) Accounting year is the answer I think.

Answer 2

Explanation:

1) A Financial Year (FY) is the period between 1 April and 31 March – the year in which you earn an income.

2) A calendar year is always January 1 to December 31

3)An accounting year is a period of time, usually 12, during which businesses calculate their accounts and organize their financial activities. The accounting year, also known as the accounting period, occurs usually on any date other than January 1st to December 31st.

4)From an income tax perspective, FY is the year in which you earn an income. AY is the year following the financial year in which you have to evaluate the previous year's income and pay taxes on it. For instance, if your financial year is from 1 April 2019 to 31 March 2020, then it is known as FY 2019-20....

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Financial year is known as previous