Here are answers to twenty questions that crop up frequently in the taxpayer's mind:1. Heard of New Year. What are financial year, previous year and assessment year?A financial year (FY) is a period of 12 months commencing on 1 April of a year and ending on 31 March the next year. An assessment year is the year immediately following an FY.For the purpose of calculating income tax, FY is the period during which the income has been earned. The income earned in a FY is assessed in the following year, that is, the assessment year.For example, income...