Business Studies, asked by afreen4385, 1 year ago

Define assesse, Assessment year, previous Year.

Answers

Answered by yashgandhi74
1

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.

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