The Income Tax Act defines 'Assessment Year' as the period of 12 months commencing on: MCQ with Answer and Explanation

Explanation:
When taxable income > accounting income, entity will pay more tax now but less in future, creating a deferred tax asset.

Explanation:
A triple column cash book has columns for cash, bank, and discount on both sides. A contra entry occurs when transactions involve both cash and bank (e.g., cash deposited into bank), affecting both columns.

Explanation:
Ind AS 101 sets the transition rules with some relief.