important terms in income tax

A person who pays tax on the income he earns

• A resident

• An assessee

• A Client

• A payer

Who is not included in Person for the purpose of income tax?

• An Individual

• HUF

• Firm

• Spouse

the year in which the income is earned

• Previous year

• Assessment year

• Financial Year

• Calendar year

Assessment year relevant to the previous year 2020-21

• 2019-2020

• 2021-2022

• 2018-19

• 2020-21

The 12 months contained in previous year 2020-21

• 1.1.20 to 31.12.21

• 1.4.20 to 31.3.21

• 1.10.20 to 31.9.21

• 1.6.20 to 31.5.21