Question

What is Assessment year

Answer

A. O Year of accounting transaction

B.O Year of computation of tax

c. O both a & b above

D. O None of the above​

Answer 1

'Year of Assessment' (YA) refers to the year in which income tax is calculated and charged. The assessment is for the income earned in the preceding year, starting on 1 Jan and ending on 31 Dec. Example: For YA 2021, the assessment is for income earned from 1 Jan 2020 to 31 Dec 2020

the correct answer is Option b

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Answer 2

Answer:

Assessment year is simply the time during which the income earned in the financial year is assessed and this means that it is the year that comes right after the financial year. ... However, while taxpayers are filing their income tax returns for the financial year 2019-20, but the assessment year is 2020-21.