Tuesday, 18 March 2014

What is the period for which a person income is taken into account for purpose of Income tax?

  1. What is the period for which a person s income is taken into account for purpose of Income tax?

Income earned in the twelve months contained in the period from 1st April to 31st March (commonly called Financial Year [FY]) is taken into account for purposes of calculating Income Tax. Under the income tax Act this period is called a Previous year .

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