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Under Indian income tax law, what is the significance of the previous year and assessment year?

A Income earned in the previous year is assessed to tax in the following assessment year
B They refer to the same twelve months
C The assessment year precedes the previous year
D Only companies use assessment years

Answer

Income earned in the previous year is assessed to tax in the following assessment year

For example, income of financial year 2025-26 is assessed in assessment year 2026-27.

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