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
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 email@example.com
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.
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-
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
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.
can anybody tell me what is the last date of Service tax
payment (Quarterly/Monthly) in Company or other then
company (individual/propritorship/partnership) & what is
the last date of half year return.
I am working one company under contractual employee & My CTC
is 9000 per month & take home salary is 8100, they are
deducting 900/- as TDS per month on my salary, as i aware
that, no TDS will be deduct below 160000 per year, can you
plz post the answer or mail me on my mail id
(firstname.lastname@example.org) (email@example.com) Thanks in
Advance to all.
Hope you have correct answer & you will post as soon as