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Pls do not handwrite the answer for easy reading question: The basis period for a year...

Pls do not handwrite the answer for easy reading

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The basis period for a year of assessment is always based on the calendar. Explain whether you agree or disagree with the statement.

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Answer #1

Disagree

Year of Assessment(YA) is always fixed preceding year starting from January 1 andending on upcoming December 31. for example For YA 2018, the assessment is for income earned from Jan to Dec 2017.

But Baisis period refer's to year percedding Year of assessment. which generally same in normal case but in case of business it may be change. If the business's Finalcial year ends on Mar 31, 2017. In that case the business income earned form 1st April 2016 to 31st march 2017 will be assessed in the YA 2018

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