For the purpose of computation of income tax, the period of twelve months commencing from the first day of April every year and ending on thirty first March of the next year is known as __________
Income Tax Period Defined
For the purposes of calculating income tax, a specific twelve-month duration is used.
This period begins on the first day of April each year and concludes on the thirty-first of March in the subsequent year.
Identifying the Tax Computation Period
This defined twelve-month period, running from April 1st to March 31st, is officially termed the Assessment Year in income tax contexts.
It is the year during which income earned in the preceding financial year is assessed for tax purposes.
The Correct Term
Therefore, the correct term for this period is:
- The Assessment Year
Important Questions from Income-tax
The Income Tax Act, 1961 provides for rebates and reliefs under___________
The Income Tax Act classifies income of a person under _______ different heads of income.
- Which of the following are termed as assessees under the Income Tax Act?
A) A Hindu Undivided Family
B) A Company
C) Body of Individuals - Tax rate for collecting income tax is fixed by _______.
In each assessment year income tax is charged at the rates given by __________
