GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The term ‘previous year’ is defined under
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Section 1
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Section 2
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Section 3
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Section 4
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Explanation:
Detailed explanation-1: -As per Section 3 of the Income Tax Act, 1961, Previous Year is the Year immediately preceding the assessment year. Previous year is also known as Financial Year. It basically means the period starting from April 1 and ending on March 31 of the next year.
Detailed explanation-2: -Previous Year (P.Y.) In layman language the current financial year is known as the previous year. The financial year starts from 1st April and end on 31st March of the next year. For Instance, for the salary income earned from 1 April 2017-31st March 2018 . The previous year would be 2017-18.
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