Answer-Under the Income Tax Act, “previous year” means:

Explanation As per Section 3 of the Income Tax Act, the previous year is the financial year immediately preceding the assessment year, in which the income is earned. Example For Assessment Year AY 202425, the Previous Year PY is 202324.

Question

Under the Income Tax Act, “previous year”

means:

A The financial year in which income is earned

B The financial year immediately after the assessment year

C The calendar year before the assessment year

D The financial year in which income is assessed

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SJVN Executive Trainee

Under the Income Tax Act, “previous year”

Solution

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