What is tax and capital profit ? Full form of PY, AY, CY.

Question

Accepted Answer

Tax is a mandatory financial charge imposed by the government on individuals and businesses. Capital profit refers to the gain made from selling an asset.

Tax is a compulsory payment made by individuals and businesses to the government based on their income, property, or transactions.
Capital profit is the profit earned from the sale of a capital asset, such as stocks, real estate, or businesses.
PY stands for Previous Year, which refers to the financial year immediately preceding the current financial year.
AY stands for Assessment Year, which is the year in which income is assessed and taxed for the previous year.
CY stands for Current Year, which is the ongoing financial year in which income is earned and assessed for taxation purposes.

Accepted Answer

Tax is a mandatory fee charged by a government from an individual to provide better public services.
Full form of PY is Previous year, AY is Annual year and, CYbis current year.

What is tax and capital profit ? Full form of PY, AY, CY.

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