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Rationale of AY

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(Querist)
28 February 2011 What is the rationale of having Financial Year and Assessment year in IT Act.
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Kumar Babu.G

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Kumar Babu.G (Expert)
28 February 2011 As per Companies Act a financial year different from 1st April to 31st March can be adopted.In order to ensure uniformity for assessing every body has to adopt this assessment year concept.

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