If the financial year is 2017-18, the assessment year will be ________.

2015-16

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2016-17

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2017-18

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2018-19

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Solution

The correct option is D 2018-19
The financial year denotes the period (April 1 - March 31 in case of India) in which income is earned. Assessment year is the year succeeding the financial year in which income is evaluated. Hence, if the financial year is 2017-18, the assessment year will be 2018-19.

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