Meaning of Financial Year and Previous Year according to Income Tax Act,1961In the Income Tax Act, 1961, Sections 2(9) and 2(34) of defines the ‘Assessment Year’ or Financial year' and ‘Previous Year’ respectively.

While, as per section 2(34) of the Act, “Previous Year” means the previous year as defined in section 3.

Section 3 of the Act defines previous year as follows:For the purposes of this Act, “previous year” means the financial year immediately preceding the assessment year.

These incorporate filing of income tax, , connecting of PAN and Aadhaar and so on.

"This notification pertains to few amendments in Indian Stamp Act wherein stamp duty on security market instruments shall be collected through stock exchanges and depositories. | To read full story, visit https://startuparound.com/read/1586097006.5277004/Financial-Year:-2019-20-Clarifications?ref=audio_experience