GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Section 2(8)
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Section 2(9)
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Section 3(8)
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Section 3(9)
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Detailed explanation-1: -Assessment Year [Section 2(9)] : Definition under Income Tax Act. “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 (Section 2(9)) This is a period of 12 months starting on April 01 of every year which ends on March 31 of the next year. It is the year in which the income of a person is assessed for tax. It is the year in which the income earned by a person in the relevant previous year is assessed for tax purpose.
Detailed explanation-3: -Assessment Year (A.Y.) The year in which your income is assessed is known as assessment year. The period for assessment year starts from 1st April and ends on 31st March of the next year. In other words, it is the year immediately following the financial year i.e. the year in which you have earned your income.