______ means the financial year immediately preceding the assessment year.

Calendar year

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Assessment year

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Previous year

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None of the above

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Solution

The correct option is C Previous year
Previous year means the financial year preceding the current assessment year. For example, 2017 is the previous year for the current financial year.

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Similar questions

Consider the following statements about the Board for Reconstruction of Public Sector Enterprises (BRPSE):

Which of the above statements is/are correct?

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