Income of the previous year is assessed to tax in the Assessment year. Previous year under section 3 of the Income-tax Act is:
A. The financial year, immediately preceding the assessment year.
B. The date on which a new source of income comes into existence and ending with the 31 st March of that financial year, in case of First previous year. The proviso to section 3(1)
C. Generally, a period of 12 months beginning with 1st April and ending on 31 st March of the next year.
D. All of the above
Answer:D
Income of the previous year is assessed to tax in the Assessment year. Previous year under section 3 of the Income-tax Act is:
A. The financial year, immediately preceding the assessment year. B. The date on which a new source of income comes into existence and ending with the 31 st March of that financial year, in case of First previous year. The proviso to section 3(1) C. Generally, a period of 12 months beginning with 1st April and ending on 31 st March of the next year. D. All of the above