Q1- Write on short note on the following?
1.Previous Year
2.Assessment Year
3.Person
4.Assess
Answers
Answer:
1.Previous year
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.
2.Assesment year
Assessment Year is the year in which one file income tax returns of the year prior to it (i.e. Financial Year). It is the year in which the income that one has earned in the financial year that is just ended is evaluated. E.g. For Financial Year 2014-15 the Assessment Year will be 2015-16.
3.Person
A person (plural people or persons) is a being that has certain capacities or attributes such as reason, morality, consciousness or self-consciousness, and being a part of a culturally established form of social relations such as kinship, ownership of property, or legal responsibility.
4.Assess
Assessment is the process of gathering and discussing information from multiple and diverse sources in order to develop a deep understanding of what students know, understand, and can do with their knowledge.