what is assessment year and previous year ?




Answers were Sorted based on User's Feedback



Answer / ramya bhaskar

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 ?    360 Yes 40 No

Answer / mani

assesment year means following year previous year means
last year.

Is This Answer Correct ?    257 Yes 74 No

Answer / navneet bagri

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 ?    163 Yes 28 No




Answer / shyam

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 ?    115 Yes 16 No

Answer / anupam

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 ?    63 Yes 20 No

Answer / devendra singh

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 ?    45 Yes 19 No

Answer / swathi

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 ?    20 Yes 4 No

Answer / kanhaiya

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 ?    34 Yes 20 No

Answer / satya

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 ?    17 Yes 3 No

Answer / mrs.a.amora

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 ?    8 Yes 0 No

Post New Answer



More Taxation Interview Questions

I have made our pan card in delhi.so, i want to confirm that it is mandatory that I shall fill our income tax return in delhi

2 Answers  


What r the foll tax deductions for :- 1.TDS 2.WCT Give me answers in detail & give me some addtional info on these topics which would be helpful for me.

0 Answers  


What are the relevent Scetions of Income Tax Act India, under which amount for TDS diductin ( on Services Invoices ) is calculated ? and which are important Cases of HC/SC regarding TDS on Service Tax Portion?

1 Answers  


WHAT IS THE PROVISION OF TDS RECEIVABLE AT THE TIME OF YEAR ENDING GIVE THE EXAMPLE WITH ENTERY ON MY E.MAIL sonidilip87@yahoo.com

0 Answers  


What is Tax refund?

1 Answers   Deloitte, Wipro, Freedom Chemicals,


what is excise duty? what is excise duty percentage on sales?

3 Answers  


What is Business?

3 Answers  


what is tax rate in haryan with surchage agst D1 form , C form and full rate of tax in haryana

6 Answers  


My question is that if only 20% amount of lic is elgible in one financial year for tax exemption, than one time instalment in lic is elgible for tax exemption ?. for suppose i invest 25000 Rs. only one time in lic.pls. tell me it is elgible or not.

2 Answers  


what is the need of information to the high level managment and what is the need of information to middle level managment

0 Answers  


AT 5% will be charged on 70% of Total Amount and Service Tax of 12.36% will be charged on 30% of Total amount

2 Answers  


When excise duties differs from 8.24% to 14.24%? Why excise gate pass is required during dispatch of vehicle?

1 Answers  




Categories