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Categories >> Accounting >> Taxation
 
 


 

 
 Audit interview questions  Audit Interview Questions (428)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (158)
 Taxation interview questions  Taxation Interview Questions (1905)
 Accounting General interview questions  Accounting General Interview Questions (2833)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4369)
Question
what is assessment year and previous year ?
 Question Submitted By :: Taxation
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
Assessment year is the year in which the income earned is
assessed. Previous year is the year in which income is
earned. Eg. AY 2007-08 and prev year is 2006-07
 
Is This Answer Correct ?    340 Yes 39 No
Ramya Bhaskar
 
Answer
# 2
assesment year means following year previous year means
last year.
 
Is This Answer Correct ?    245 Yes 71 No
Mani
 
 
 
Answer
# 3
assessment year means the year for which tax are made but
previous year means the year for which the assessment is
being done i.e if today we are earning in 2008 after march
then we will call it as previous year then the assessment
year wiil become the next year in which we are required to
pay tax for the income earned by us in this year 2008 so AY
is 2009-2010 and PY is 2008-2009
 
Is This Answer Correct ?    152 Yes 28 No
Navneet Bagri
 
Answer
# 4
Assessment year the year in which year your Total Income
is assessed, e. g. If you are earning 750000/- in 2007-2008
(1 st April 2007 - 31st March 2008), then this Income will
assessed (Calculated) in the Financial year 2008 - 2009.
It means that Assessment year is 2008 - 2009, and Last
year is 2007 - 2008.
If then also you have any Further Queries then contact
me on sarsare07@rediffmail.com

Thank You !!!
 
Is This Answer Correct ?    108 Yes 16 No
Shyam
 
Answer
# 5
the year in which you earn your income is previous year as
per income tax Act. Income Tax department assess these
incomes in subsequent year which is why the year is called
Assessment Year. therefore previous year is a year which
precedes assessment year. Only in exceptional cases income
is assessed in the same year, it is earned.
 
Is This Answer Correct ?    60 Yes 20 No
Anupam
 
Answer
# 6
According to Section 2(9), Assessment year is the period of
12 month which means start from 1st april to 31st march.
Previous year as define in section 3 of the act, Section 3
of the act define previous year as the financial year as
the financial year immediately precending the assessment
year. e.g. income earned during the previous year 1.4.2007
to 31.03.08 will be assessed or charged to tax in A.Y. 2008-
09
 
Is This Answer Correct ?    42 Yes 18 No
Devendra Singh
 
Answer
# 7
previous year means year in which you earn any income...in
p/y you only earn income.
the above income earned is calculated and taxed in next
year which is called ASSESSMENT YEAR.
e.g income u earn in 2006-07 will be taxable in 2007-08
 
Is This Answer Correct ?    32 Yes 18 No
Kanhaiya
 
Answer
# 8
assessment year means the period of 12months commencing from
1st April of every year and ending on 31st March next.
e.g: 1st April 2009 to 31st March 2010
previous year is the preceding 12months period in the
relevant assessment year.
e.g: 1st April 2008 to 31st March 2009.
 
Is This Answer Correct ?    16 Yes 4 No
Swathi
 
Answer
# 9
Previous year: The year in which we earned Income is called
previous year.

Assessment year: The year in which we have paid tax for
income.


i.e: Previous year: 2005 - 2006 (The year in which we
earned Income)

Assessment year: 2006 - 2007 (The year in which we
have paid tax)
 
Is This Answer Correct ?    12 Yes 2 No
Satya
 
Answer
# 10
Assessment year is a year which starts on 1st April of
every year and ends on 31st March of the next year.Previous
year means the financial year which immediately prceeding
the assessment year

By Mrs.A.Amora
 
Is This Answer Correct ?    5 Yes 0 No
Mrs.a.amora
 

 
 
 
Other Taxation Interview Questions
 
  Question Asked @ Answers
 
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what is the income tax-meaning,rates for 2008-09,procedure,when income tax is filling,form of all income tax heads,complete information about income tax?   1
Dear All, Please help me in VAT/CST I would like know about full detail of Vat-1.Rate,2.Form No. & everything which is convern about CST/VAT Thanks Sanjay Kumar   4
Our Company is engaged in Construction activities. We are going to purchase Exacavator Machine from the interstate. Whether the above purchase covered by issuing C form ? Whether can we apply for C Forms in sales tax Dept ? Please clarify sir Construction 7
Dear friends please let me know, what % of amount has deduct from vendors bill for civil supply and instollation work   3
if a company give salary Rs- 6000 and incentive Rs- 4000 julyy month then TDS will deduct by the company from employee account or not.   2
Dear sir i am a contractor and making a invoice for Rs. 1500000= in which 1200000 for material and 300000 for labour charges how should i make a invoice with material and what will for format of invoice, if i make separate invoice for material and separate for labour charges what service tax and sales tax chaeges will be. and what TDS will party deduct on my bill. pls answer as soon as possible.   2
in excsie what is the function of PLA register?   1
My firm issues a cheque for Rs 28000/- today towards Advocate fees to Adv. Mr X. After three months the same Adv. Mr X is paid Rs 25000/- as Adv.fees. How do I handle the tax part u/s 194J of the I.T.Act? Do I have to pay TDS on the first paid Rs 28000/- or ignore, or while paying him the 2nd cheque deduct tax on Rs 28000/+ Rs25000/= i.e., Rs 53000/=. Or on the other hand also pay Interest on TDS on Rs 28000/= for delaying the payment? Trust the issue is crystal clear?   2
What is LST Number   3
What is cst if there is C from customer, Sale is from AP TO MP, Product is cooling machine.   6
 
For more Taxation Interview Questions Click Here 
 
 
 
 
 


   
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