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What is Assessment Year vs Previous Year Explained about?

The document discusses key concepts in taxation including assessment year, previous year, types of receipts and expenditures. It defines assessment year as the period of 12 months beginning April 1st each year, in which income earned in the previous year is assessed. Previous year refers to the financial year immediately preceding the assessment year, in which the income is earned. It distinguishes between revenue receipts and capital receipts, as well as revenue expenditures and capital expenditures. R

Author

Anany Upadhyay

Language

EN