Accounting · Income Tax Basic Concepts
Under the Income Tax Act, the term 'Previous Year' means the:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Financial year ending on 31st December
- 2Accounting year of the business
- 3Calendar year before the current year
- 4Financial year immediately preceding the assessment year✓
Correct answer
Financial year immediately preceding the assessment year
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