Question

Difference between assessment year and financial year

Answer 1

Answer:

Assessment year is the year in which one file income tax returns of the year prior to it.

Financial year is the year in which you have to evaluate the previous year's income and pay taxes on it

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Answer 2

Answer:

Assessment year :-

it is the year in which one file income tax returns of the year prior to it

financial year :-

it is the year in which you have to evaluate the previous year's income....