Question

according to income tax previous year is​

Answer 1

$\small\orange {\sf{Bonjour\ Mate!}}$

☆$\small\green {\sf{Answer }}$☆

ɪɴᴄᴏᴍᴇ ᴛᴀx ʀᴜʟᴇs ᴛʜᴇ ʟᴇɢɪsʟᴀᴛᴜʀᴇ ɪɴᴛʀᴏᴅᴜᴄᴇᴅ ᴛʜᴇ ɪɴᴄᴏᴍᴇ ᴛᴀx ᴀᴄᴛ 1961, ᴛᴏ ɢᴏᴠᴇʀɴ ᴀɴᴅ ᴀᴅᴍɪɴɪsᴛᴇʀ ɪɴᴄᴏᴍᴇ ᴛᴀx ɪɴ ᴛʜᴇ ᴄᴏᴜɴᴛʀʏ. ʜᴏᴡᴇᴠᴇʀ, ɪɴ ᴛʜᴇ ʏᴇᴀʀ 1962, ᴛʜᴇ ɪɴᴄᴏᴍᴇ ᴛᴀx ʀᴜʟᴇs ᴡᴇʀᴇ ᴄʀᴇᴀᴛᴇᴅ ɪɴ ᴏʀᴅᴇʀ ᴛᴏ ʜᴇʟᴘ ɪɴ ᴛʜᴇ ᴇɴғᴏʀᴄᴇᴍᴇɴᴛ ᴀɴᴅ ᴀᴘᴘʟɪᴄᴀᴛɪᴏɴ ᴏғ ᴛʜᴇ ʟᴀᴡ ᴄᴏɴsᴛɪᴛᴜᴛᴇᴅ ɪɴ ᴛʜᴇ ᴀᴄᴛ.

Answer 2

Answer:

hey mate here is your answer...

Explanation:

Previous year is a period in respect of which a person has to pay tax. In income tax act the previous year is a period of 12 months beginning from April 1 to March 31. Assessment year is a 12 months period following the previous year during which the assessee has to file his return of income.