Taxation Question:

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Please tell me about previous year?

Taxation Interview Question
Taxation Interview Question

Answer:

Previous year is the year in which the income earned becomes taxable in the following assessment year. It can be stated as the Financial year preceding the Assessment year. For example- If the present assessment year is 2015-16 then the previous year will be 2014-2015.

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Give an example of an assessment year?Tell me about financial year?