QuestionsCategory: Questions​What is the period for which a person’s income is taken into account for the purpose of Income-tax?
adminvgnc Staff asked 7 months ago
1 Answers
adminvgnc Staff answered 7 months ago

Income-tax is levied on the annual income of a person. The year under the Income-tax Law is the period starting from 1

April and ending on 31

March of next calendar year. The Income-tax Law classifies the year as (1) Previous year, and (2) Assessment year.