What is Previous year (Sec.3)


Previous year (Sec.3) is a period of twelve months commencing immediately preceeding the Assessment year. The Financial Year in which the income is earned is known as the previous year. Any financial year begins from 1st of April and ends on subsequent 31st March. The financial year beginning on 1st of April 2010 and ending on 31st March 2011 is the previous year for the assessment year 2011-2012.

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