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Diffrence between Previous year & Assessment years

Assessment Year [Sec. - 2 (9)] Meaning and Definition  Assessment year refers to a year in which financial year is assessed. Assessment year  is the evaluation year of the financial year. Or  Assessment year is the tax calculation year. Explanation If a person "A" earned income in financial year 2016-17, then he will pay income tax in assessment year 2017-18. Definition:- Assessment year may be defined as a year in which the income of the previous year is to be assessed. Previous year [Sec. -3] Meaning and Definition Previous year refers to the year in which income is generated. The income of the previous year is taxed in the immediately following assessment year. Definition:- Previous Year means financial year, which is immediately preceding  the assessment years.   Introduction to Income tax Act 1964 Sr. No.  Subjects Name  Links 1 Previous years & assessment years Click Here>>> 2 Assessee Click Here>>&

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