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What is Previous Year in Income Tax Explained about?

The document discusses various concepts related to income tax assessment in India: 1. It defines previous year as the financial year immediately preceding the assessment year, in which income is earned and taxed in the next assessment year. 2. Assessment year means the period from April 1 to March 31 of the next year, during which income earned in the previous year is assessed. 3. It lists exceptions to the general rule that income is taxed in the year following the year of earning, such as for shippin

Author

Suryansh Munjal

Language

EN