What is the difference between income year, financial year
and FBT year?




Answers were Sorted based on User's Feedback



Answer / sunil

INCOME YEAR IS THE YEAR IN WHICH INCOME TAX IS LEVIED ON THE
INCOME EARNED IN FINANCIAL YEAR( i.e ASSESSMENT YEAR) ,
WHILE FINANCIAL YEAR IS THE YEAR IN WHICH INCOME IS
EARNED.FBT YEAR IS THE YEAR IN WHICH FBT IS CALCULATED &
DEPOSITED

Is This Answer Correct ?    31 Yes 6 No

Answer / maruthy

income year is the year in which income was earned as per
income tax act.
financial year is the year of 12 months comeing from 1st
april to 31st march.
FBT (fringe benefit tax) year is the year of 12 months

Is This Answer Correct ?    17 Yes 2 No

Answer / naga

Income year is the year in which income was earned,
Financial year is a period of 12 months or less for which
accounts were prepared and financial reporting was done
ex:Apr 1 to Mar 31. FBT year is a period of 12 months or
less for which FBT was calculated.

Is This Answer Correct ?    22 Yes 8 No




Answer / yassin kimanzi

Income Year:This is the accounting period under
consideration specifically during which income was earned
in the financial year.It varies by country tax
laws.Forexample, it can start from July of this year and
end by June of next year,numerically it can be 2010/2011
(July 2010/June 2011)

Finacial year:This is a 12 months period where by financial
reports are prepared for reporting purposes.Bsically it can
be from January to December of the same year.

Is This Answer Correct ?    11 Yes 0 No

Answer / ravindra

income year means the income which is earned in ayear is
called as income year

financial year generally strts from apri-1 &closes by march-
31st

fbt year means the benefit which was received in particular
year is called fbt year

Is This Answer Correct ?    5 Yes 1 No

Answer / surya

income year is starts from januvary to december and
financial year is starts from april to march

Is This Answer Correct ?    9 Yes 6 No

Answer / sri

Income Year starts from January to December of every year.
but the financial year is starts from april and ending on
march month of next year. then the FBT year is nothing but,
when you are paying your income tax, your auditor will
calculate FBT payable from January to October or the second
chance to pay the income taxes on December of every year.

Is This Answer Correct ?    9 Yes 7 No

Answer / nakisuyi saida

Income year is the wage or salary earned after accomplishing a task and the amount lies under the income tax law of income cap 340

Is This Answer Correct ?    2 Yes 0 No

Answer / hafez ahammed sumon

Income Year: The year or 12 months period (based and may varies on country's tax law or Act) in which tax is levied(imposition of tax) on income earned in the financial year.

Financial Year: Generally it is the year of 12 months period and start from January to December but it can start from any month.Ex: in Bangladesh 1st July to 30 June.

FBT (Fringe Benefit Cost): It is the year of 12 months in which FBT is calculated and deposited.  

Is This Answer Correct ?    2 Yes 1 No

Answer / sadia

Income year is the preceding year of the assessment year or the previous year of assessment year.

Is This Answer Correct ?    1 Yes 0 No

Post New Answer



More Taxation Interview Questions

What are the TDS Rates for the financial year 2008-09?

2 Answers  


What is the %age of T.A.,D.A.,H.R.A.,BASIC

0 Answers  


I want to know the TDS ammount which deducted by company.

1 Answers  


Excisable material sold without charging excise duty, Now after 3 months, I am issuing Suplimantary bill to party for Excise payment, now please tell me the interest need to pay for this and also is there need to pay interest if i have sufficiant amount of cenvate credit balance in these 3 months.

2 Answers   Reliance,


WHAT IS MAT

16 Answers  


what is E1 FORM

2 Answers   UAS Pharmaceuticals, GMC,


WHAT WE HAVE TO IF WE MAKE A BILL 5% CST IN PLACE OF 2% CST AND DIPOSIT THE TAX

2 Answers  


what is the rate of tds on interest payment and basic exemption limit for general insurance co.

1 Answers  


What is Entry Tax as enforceable from 1.12.1999?

1 Answers  


Hellow this is ravindra wanted to know about excise duty rates pls suggest

0 Answers  


If Seller invoice is within the state and material loaded from other state and deliver within the state then the C Form required or not if required than seller arrange the c Form or Purchaser

2 Answers   Jain Housing,


Hi, I need the clarification in Tax Rate in Karnataka for Frozen foods like Paratha, Briyani, Pasta's Please share the information for me

0 Answers  




Categories