15 Questions
When is tax return filed according to the text?
During the assessment year
What is the main difference between the previous year and assessment year according to the text?
The assessment year is when income is earned, while the previous year is when that income is assessed and taxed
Why is understanding the previous year and assessment year important according to the text?
To determine taxable income
Can the previous year and assessment year vary according to the text?
Yes, they can vary based on individual accounting period, tax laws, and fiscal year
What does the assessment year signify according to the text?
Year subsequent to the previous year
What is the previous year in relation to income?
The previous year is the financial year in which income is earned.
When are tax returns filed?
Tax returns are filed for the assessment year, reporting income and taxes for the previous year.
Why is understanding the previous year and assessment year important?
Understanding the previous year and assessment year is essential for accurate tax planning, determining taxable income, and fulfilling tax obligations.
Can the previous year and assessment year vary?
Yes, the previous year and assessment year can vary depending on the individual's accounting period, tax laws, and the country's fiscal year.
What does the assessment year signify?
The assessment year is the year in which income is assessed and taxed.
What is the previous year in relation to income?
The previous year is the financial year in which income is earned.
When is tax return filed according to the text?
Tax returns are filed for the assessment year, reporting income and taxes for the previous year.
What does the assessment year signify?
The assessment year is the year in which the income is assessed and taxed.
Can the previous year and assessment year vary?
Yes, the previous year and assessment year can vary depending on the individual's accounting period, tax laws, and the country's fiscal year.
Why is understanding the previous year and assessment year important?
Understanding the previous year and assessment year is essential for accurate tax planning, determining taxable income, and fulfilling tax obligations.
Prepare for banking exams by mastering simplification and approximation with India's super teachers. This test series covers basics to expert level questions, and provides articles on key differences in financial year and assessment year.
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