difference between assessment year and financial year
Answer Posted / h.r. sreepada bhagi
Financial year of Accounting year is the relevant year in
which the transactions are done and and recorded in the
books of accounts.
Previous Year and Assessment Year are the terms used under
Income Tax Act. Previous year is the Accounting year or the
Financial year in respect of which the Income is Assessed to
Tax. Assessment year is the year in which the Income of the
Previous year is assessed to tax.
Example - For the Financial year (Accounting year) 2009-10,
Assessment year is 2010-11.
Some terminologies are expected to be changed w.e.f
01.01.2011, when the Draft Tax Code is accepted and
implemented as law.
Is This Answer Correct ? | 26 Yes | 4 No |
Post New Answer View All Answers
please tell me friends what are the formats of excise return and vat return?
Can we use ST-38 outward form for a sale of Rs-100000/- with in the state i.e haryana
How should the personal assets of a salaried employee be shown in his books of accounts ?
What is tha Central sales tax rate 2010 in andhrapradesh
What is the difference between excise & service tax?
'A' is running a manufacturing set up. 'B' sends raw material (after paying CST) to 'A' for manufacutre of his specified product and 'A' keeps 'B's stock in his godown. Can 'A' buy this material from 'B' by raising a CREDIT MEMO and in the books regularises by passing Journal Entry Dr.Raw material inventory and Cr. 'B's Account.
if threshhold limit is crossed then tds is deducted on which amount ? Aggregate or exceeding threshold limit?
IF I HAVE PAY COMMISSION TO LOCAL AGENT RS-5000 THEN HOW MUCH I WILL DEDUCT TDS & IS PAN CARD REQUIRE
If we are placing the order in amazon on behalf of the customer who is ordered from other e-commerce sites and the goods is directly billed to the customer address from the amazon sellers and for the same we are receiving some profit at that in our books of account what entries need to be passed...?? do i eligible to get the ITC on the GST amount paid..??
what is D-1, D-2, Vat-C4,
If the the material sent for job work in outside state for job work ,what should be service tax chargeable or not if material receipt after job work done to job worker kindly suggestion
What is process CST & Custom Duty Handle in tally Erp 9, with example.
How to file the CST return and which form is use.
who will able to deduct the tds
th point in when will details wil get filled in ER1 2a and 2B?capg