A tax May be defined as “a compulsory extraction made by government from the public.
Definite source of income , income must come from outside, tainted income, diversion of income, temporary ,permanent income, dispute regarding the title etc. All of these are the main features of income tax
Assessment year
It’s mean the period of 12 months commencing on the ist Day of April every year . if you have a question about why we Used month of April any other query you can drop comments . I m just brief ly explain
Previous year
In simple word the income earned in py which is to be assessed to tax in relevant year
Some exception
In case of Person leaving the country
Discounting business
Transfer there assets to avoid tax
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Thnku
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