AIBE XIII — December 2018 — Q.90 (Income Tax Act, 1961)

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Q.90

Constitutional Law Medium Knowledge-Based

Bare Act Income Tax Act, 1961 · Section 3 (Previous Year) / Section 2(9) (Assessment Year)

A period of 12 Months commencing on the 1st day of April of every year is known as:

✓ Assessment year Answer

B Leap year

C Previous year

D None

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Explanation & Strategy

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Under Section 3 of the Income Tax Act, 'assessment year' means a period of 12 months commencing on the 1st day of April every year. For example, AY 2024-25 runs from April 1, 2024 to March 31, 2025.

At a Glance

Subject Constitutional Law

Difficulty Medium

Act Income Tax Act, 1961

Section Section 3 (Previous Year) / Section 2(9) (Assessment Year)

Answer (A) Knowledge-Based

Paper AIBE XIII — December 2018

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