Define Assessment year and Previous Year.
Assessment year- It is a 12-month period that begins on 1st April and ends on 31st March. For example 1st April 2011 to 31st March 2012.
Previous Year- This is the year immediately preceding the assessment year. For example, income earned between 1st April 2010 and 31st March 2011 is assessed or charged to tax for A.Y. 2011-2012.





