GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Assessment year means
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year in which income is earned
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year in which tax is paid by assessee
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period of 12 months commencing on the 1st day of April every year
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period of 12 months commencing on the 1st day of January every year
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Explanation:
Detailed explanation-1: -“Assessment Year” means the period of 12 months commencing on the 1 St. day of April every year. In India, the Govt. maintains its accounts for a period of 12 months i.e. from 1st April to 31st March every year.
Detailed explanation-2: -Assessment year means the period of 12 months commencing on the first day of April of every year and ending on 31 March of the next financial year following the previous year.
Detailed explanation-3: -The assessment year (AY) is the year that comes after the FY. This is the time in which the income earned during FY is assessed and taxed. Both FY and AY start on 1 April and end on 31 March. For instance, for FY 2020-21, the assessment year is AY 2021-22.
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