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what is assessment year and previous year ?
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Answer / vidishaa paul
According to Sec. 2(d), Assessment year means a period of 12 months starting from 1st April and ending on 31st March. At present Assessment year 2010-11 is in progress. Assets held by the assessee as on 31.3.2010 shall be included in the Net Wealth from Assessment year 2010-11 point of view.
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Answer / big t
simple you cant asses your income and become a jot shy that
you will earn this much in the year you are sitting in so
it is calculated in the next year how much we earned in
the previous year thus calling the the current year as the
assesment year for the previous year passed
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Answer / vijay
Assessment Year and Previous year are same, Assessment year
are which from 01.04.2010 to 31.03.2011 and Previous Year
are also from 01.04.2010 to 31.03.2011. Total Income of the
previous year was 4,00,000/- and Income Tax you must pay
for Income you earned in the Previous year (4,00,000)to
Income Tax in Financial Year (i.e) from 01.04.2011 to
31.04.2011 is called Assessment year. Assessment year is
the year to pay tax for the Income you earned in previous
year.
ASSESSMENT YEAR - 2010-2011, PREVIOUS YEAR - 2010-2011 &
FINANCIAL YEAR - 2011-2012
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Answer / prabhat
Assessment year the year in which your Total Income
is assessed, e. g. If you are earning 650000/- in 2011-2012
(1 st April 2011 - 31st March 2012), then this Income will
assessed (Calculated) in the Financial year 2012 - 2013.
It means that Assessment year is 2012 - 2013, and Last
year is 2011-2012
.
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Answer / ahmed sait
Assessment year is a period of 12 months starting from the
1st april to 31st march following the previous year......
Previous year is the financial year which need not be a
period of 12 months preceeding the assessment year....
income earned in the previous year 2012-2013 will be
assessed in the assessment year 2013-14....If the answer is
wrong pls send the right answer to ahmedsait@gmail.com
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Answer / haseeb khattak
previous year a period of 12 month which we calculate the income or profit of such year is called previous year.
The previous year always before the tax payment. The period of 12 month normally started from 1st January to 31 December.The previous year also called income year.
Assessment year is a period of 12 months which we calculate or (compute) the total tax on profit or income of previous year of the company . The Assessment year immedietly come from income year when the business close the period of 12 month.
e.g: you earn income 2010-2011 previous year
taxable in 2011-2012 Assessment year
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Answer / sushil chauhan
Lets say a person B earns Rs 100 in year 2008-09 starting from
01 Apr 2008 to 31 Mar 2009 then the year 2009-10 starting from 01 Apr 2009 to 31 Mar 2010 is regarded as Assessment year and 2008-09 is regarded as previous year.
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Answer / c.murugan
Previous year is the year for for which the actual
transaction made or taking in to account for calculation /
IT filing where as the Assessment year means immediate
next year for the previous year. Fox example, if, Mr. A is
filing IT return on 29.08.2012 for the period of 01.04.2011
to 31.03.2012, the A Y is 2012-13 and the P Y is 2011-12.
C.Murugan
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ASSESMENT YEAR
`Assessment Year� is the period of 12 months commencing
from the 1st date of April and ending on the 31st day of
March next year. `Previous Year� is the financial year
immediately preceding the assessment year. For instance, the
current assessment year is A.Y.2001-2002 which starts from
1st April 2001 and ends on 31st March 2002. The previous
year relevant to this assessment year would be the financial
year 2000-2001 starting from 1st April 2000 and ending on
31st March 2001. As the income of the previous year is to be
taxed in the assessment year, the income of financial year
2000-2001 will be taxed in Assessment Year 2001-2002.
Likewise, income of F.Y.2001-2002 will be taxed in
A.Y.2002-2003 (
(((((((((( Previous year is a year in which income is
earned and that earned income is assessed to tax in the
assessment year. ex. for financial year 2010-2011 it is
previous yr and its assessment year is 2011-2012 i.e. income
earned from 1/04/2010 to 31/03/2011 is liable to tax in the
assessment year.)))))))))
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Answer / burhan khan
Assessment year
means the period of
twelve months
starting from April 1 of
every year and ending
on march 31 of the
next year.
According to section 3,
previous year means
the financial year
immediately preceding
the assessment year.
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