Question

“Income tax is charged on the income of Previous year.” Do you fully agree with this
statement? If not, what are the exceptions?

Answer 1

Answer:

i agree

thank you

good luck

Answer 2

Income of previous year is taxable in the immediately following Assessment year. Discuss exceptions to this rule. As a general rule, the income earned in the previous year is taxed only in the assessment year but in the following cases, the income earned is taxed in the same year in which it is earned or received.