Question

______ means the period of 12 months commencing on the 1st day of April every year.

• A. Previous year
• B. Assessment year
• C. Either A or B
• D. Neither A or B

Answer 1

The correct option is B Assessment year

Assessment year is a 12 months period which commences on the 1st day of April every year. It is usually the beginning of a new financial year.