Quiz

Assessment year refers to the period starting from April 1 and ending on March 31 of the next year.

An example of an assessment year is 2020-21, which starts on April 1, 2020, and ends on March 31, 2021.

Previous year refers to the year in which income is earned and it is taxable in the following year.

<p>The previous year is the financial year immediately preceding the assessment year.</p> Signup and view all the answers

<p>Income earned in a year is taxable in the next year.</p> Signup and view all the answers

<p>Some of the basic concepts that need to be understood before studying the income-tax law are the languages found under the Income-tax Act of 1961.</p> Signup and view all the answers

<p>Assessment year is the period starting from April 1 and ending on March 31 of the next year.</p> Signup and view all the answers

<p>The previous year is the financial year immediately preceding the assessment year.</p> Signup and view all the answers

<p>The assessment year 2021-21 starts on April 1, 2020, and ends on March 31, 2021.</p> Signup and view all the answers

<p>Income earned in a year is taxable in the next year. The year in which income is earned is known as the previous year, and the next year in which income is taxable is known as the assessment year.</p> Signup and view all the answers