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 Audit interview questions  Audit Interview Questions
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 Taxation interview questions  Taxation Interview Questions
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Question 
What is the difference between income year, financial year 
and FBT year?
 Question Submitted By :: Guest
I also faced this Question!!     Rank Answer Posted By  
 
  Re: What is the difference between income year, financial year and FBT year?
Answer
# 1		 
INCOME YEAR IS THE YEAR IN WHICH INCOME TAX IS LEVIED ON THE
INCOME EARNED IN FINANCIAL YEAR( i.e ASSESSMENT YEAR) ,
WHILE FINANCIAL YEAR IS THE YEAR IN WHICH INCOME IS
EARNED.FBT YEAR IS THE YEAR IN WHICH FBT IS CALCULATED &
DEPOSITED
 
Is This Answer Correct ?    3 Yes 1 No
Sunil
 
  Re: What is the difference between income year, financial year and FBT year?
Answer
# 2		 
Income year is the year in which income was earned,
Financial year is a period of 12 months or less for which
accounts were prepared and financial reporting was done
ex:Apr 1 to Mar 31. FBT year is a period of 12 months or
less for which FBT was calculated.
 
Is This Answer Correct ?    1 Yes 1 No
Naga
 
 
 
  Re: What is the difference between income year, financial year and FBT year?
Answer
# 3		 
Income Year starts from January to December of every year. 
but the financial year is starts from april and ending on 
march month of next year. then the FBT year is nothing but, 
when you are paying your income tax, your auditor will 
calculate FBT payable from January to October or the second 
chance to pay the income taxes on December of every year.
 
Is This Answer Correct ?    3 Yes 0 No
Sri
 
  Re: What is the difference between income year, financial year and FBT year?
Answer
# 4		 
income year is starts from januvary to december and 
financial year is starts from april to march
 
Is This Answer Correct ?    0 Yes 0 No
Surya
 

 
 
 
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