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FAQs on Income Tax
1. What is an Assessment Year? It is the twelve-month period from April 1 to March 31 immediately following the previous year. In the Assessment year a person files his return for the income earned in the previous year. For example, for FY 2006-07 the AY is 2007-08. 2.What is the period for which a person’s income is taken into account for purpose of Income Tax? Income