On 11 December 2010 1:16:31 PM Kumar Abhishek answered :

Assessment year is the year in which the income earned is
assessed. Previous year is the year in which income is
earned.

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On 30 July 2011 1:13:50 PM PRAVEEN AGRAWAL answered :

Previous year is a year in which income is earned and that earned income is assessed to tax in the assessment year. ex. for financial year 2010-2011 it is previous yr and its assessment year is 2011-2012 i.e. income earned from 1/04/2010 to 31/03/2011 is liable to tax in the assessment year.

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On 7 February 2012 12:34:24 AM Guest answered :

Meaning of Assessment year 2001 ? whether AY 2001-02 or AY 2000-01

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On 7 May 2012 9:58:50 PM Guest answered :

2002-03

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On 8 May 2012 10:45:24 AM Guest answered :

ASSESMENT YEAR
`Assessment Year’ is the period of 12 months commencing from the 1st date of April and ending on the 31st day of March next year. `Previous Year’ is the financial year immediately preceding the assessment year. For instance, the current assessment year is A.Y.2001-2002 which starts from 1st April 2001 and ends on 31st March 2002. The previous year relevant to this assessment year would be the financial year 2000-2001 starting from 1st April 2000 and ending on 31st March 2001. As the income of the previous year is to be taxed in the assessment year, the income of financial year 2000-2001 will be taxed in Assessment Year 2001-2002. Likewise, income of F.Y.2001-2002 will be taxed in A.Y.2002-2003

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