CA Inter Paper 3 Taxation Practice Questions - CA Intermediate Paper 3 Taxation Exam

Under the Income-tax Act, 1961, the 'previous year' for an assessee is generally the financial year:

In which income is earned, ending on 31st March In which income is assessed to tax Beginning on 1st January and ending on 31st December Chosen by the assessee from any 12-month period

Correct Answer:

In which income is earned, ending on 31st March

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