Question

Write short notes on Previous Year and Assessment Year.

Answer 1

Answer:

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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. 

Answer 2

A short note on Previous Year and Assessment Year:

• Income earned in one financial year is taxable in the following financial year, according to the Income Tax Act.
• As a result, the previous year is the financial year in which the person got money.
• The Assessment Year, on the other hand, is the fiscal year in which a person's tax burden on his or her income is assessed.