What is the difference between income year, financial year
and FBT year?
Answers were Sorted based on User's Feedback
Answer / sunil
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 &
|Is This Answer Correct ?||29 Yes||6 No|
Answer / naga
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 ?||22 Yes||7 No|
Answer / yassin kimanzi
Income Year:This is the accounting period under
consideration specifically during which income was earned
in the financial year.It varies by country tax
laws.Forexample, it can start from July of this year and
end by June of next year,numerically it can be 2010/2011
(July 2010/June 2011)
Finacial year:This is a 12 months period where by financial
reports are prepared for reporting purposes.Bsically it can
be from January to December of the same year.
|Is This Answer Correct ?||11 Yes||0 No|
Answer / surya
income year is starts from januvary to december and
financial year is starts from april to march
|Is This Answer Correct ?||9 Yes||6 No|
Answer / sri
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 ?||9 Yes||7 No|
Answer / nakisuyi saida
Income year is the wage or salary earned after accomplishing a task and the amount lies under the income tax law of income cap 340
|Is This Answer Correct ?||2 Yes||0 No|
Answer / hafez ahammed sumon
Income Year: The year or 12 months period (based and may varies on country's tax law or Act) in which tax is levied(imposition of tax) on income earned in the financial year.
Financial Year: Generally it is the year of 12 months period and start from January to December but it can start from any month.Ex: in Bangladesh 1st July to 30 June.
FBT (Fringe Benefit Cost): It is the year of 12 months in which FBT is calculated and deposited.
|Is This Answer Correct ?||2 Yes||1 No|
Answer / sadia
Income year is the preceding year of the assessment year or the previous year of assessment year.
|Is This Answer Correct ?||1 Yes||0 No|
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