GK
ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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In some cases assessment year and previous year can be same financial year.
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True
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False
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Is decided by the Assessing Officer
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Cannot be said with certainty
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Explanation:
Detailed explanation-1: -However, in the following circumstances the income is taxed in the same year in which it is earned. Therefore, the assessment year and the previous year in these exceptional circumstances will be the same.
Detailed explanation-2: -In case any business or profession is discontinued during an assessment year, the income of the period from the expiry of last previous year till the date of discontinuation may be assessed to tax in the current assessment year at the discretion of the assessing officer.
Detailed explanation-3: -(3) It is possible to have ‘previous year’ consisting of more than 12 months. (4) There cannot be two previous years in respect of the same assessment year. 13.
There is 1 question to complete.