NISM Certifications · NISM-Series-X-B: Investment Adviser (Level 2) · Concepts in Taxation
Under the Indian income tax framework, the 'previous year' for an individual who earns income during the period 1 April 2024 to 31 March 2025 is that period, and the corresponding 'assessment year' is:
The assessment year is 2025-26. Income earned in the previous year, 1 April 2024 to 31 March 2025, is assessed in the year immediately following it, so the financial year 2024-25 corresponds to assessment year 2025-26.
- A2023-24
- B2024-25
- C2025-26Correct
- D2026-27
Explanation
Income earned in a previous year is assessed in the year that immediately follows it. The previous year 2024-25 (1 April 2024 to 31 March 2025) is therefore assessed in assessment year 2025-26. Choosing 2024-25 confuses the two terms by treating the earning year as the assessment year.
Did you get it right without looking?
One question tells you little. A timed set on Concepts in Taxation shows your real accuracy, how long you take and where you lose marks.
More Concepts in Taxation questions
- Mr. Raman Iyer, aged 45, is a resident individual who has opted for the old tax regime. His income for the year: salary income (net of stand…
- Caselet: Ms. Kavita Rao, a resident individual aged 35, earns the following for the year: salary (taxable) Rs 12,00,000; house property loss…
- Mr. Raghav Menon, a resident individual aged 45, opts for the old tax regime. His gross total income for the year is Rs 9,20,000, and he has…
- Which of the following receipts of a resident individual is classified as agricultural income and is exempt from income tax, subject to the …
- Which statement about the residential status of an individual under the Income-tax Act is correct?
- Mr. Rohit Nair, a resident individual aged 35, has the following income for the year: salary (taxable) Rs 12,00,000, interest on savings ban…