Question

Q3. Define previous year & assessment year. Explain under what circumstances
the income of a previous year is taxable in the previous year itself? Also define
person under section 2(31) of the income tax act 1961.​

Answer 1

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During the current assessment year, if it appears to the Assessing Officer that a person is likely to charge, sell, transfer, dispose of or otherwise part with any of his assets to avoid payment of any liability under this Act, the total income of such person for the period from the expiry of the previous year.

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