If you are new to filing income tax returns in India, the concept of 'last year' can be confusing. In this video we explain what last year means in the Income Tax Act and how this is relevant for submitting your tax return. We also discuss the difference between the previous year and the assessment year and give you some examples to help you understand the concept better. Whether you are a salaried employee or a freelancer, understanding the previous year is critical to avoiding errors on your tax return.
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