Quiz

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What is the definition of assessment year?

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

Give an example of an assessment year.

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

What is the definition of previous year?

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

How is the previous year related to the assessment year?

The previous year is the financial year immediately preceding the assessment year. Signup and view all the answers

When is income earned in a year taxable?

Income earned in a year is taxable in the next year. Signup and view all the answers

What are the basic concepts that need to be understood before studying the income-tax law?

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. Signup and view all the answers

Define assessment year.

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

What is the previous year?

The previous year is the financial year immediately preceding the assessment year. Signup and view all the answers

When does the assessment year 2021-21 start and end?

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

Explain the relationship between previous year and assessment year.

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. Signup and view all the answers