Question
Under the Income Tax Act, âprevious yearâ
means:Solution
Explanation: â˘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. â˘Example: For Assessment Year (AY) 2024â25, the Previous Year (PY) is 2023â24.
More Tax Laws Questions
I. p²= â1331
II. 2q² - 21q + 55 = 0
I. 4x2 + 25x + 36 =0
II. 2y2 + 5y + 3 = 0
I. 2x2 - 15x + 25 = 0
II. 3y2 - 10y + 8 = 0
I. 15/(√x)+9/(√x)=11√x
II. (√y)/4 + (5√y)/12 = 1/(√y)
I. 49y2 + 35y + 6 = 0
II. 12x2 + 17 x + 6 = 0
I. 40 x² - 93 x + 54 = 0
II. 30 y² - 61 y + 30 = 0
I. 2x² - 12x + 16 = 0  Â
II. 4y² - 8y - 12 = 0  Â
I). p2 + 8p + 15 = 0
II). q2 + 9q + 20 = 0
I. 2x2 + 3x - 9 = 0
II. 3y2 - y - 10 = 0
I. x2Â - 9x - 52 = 0
II. y2Â - 16y + 63 = 0
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