what is assessment year and previous year ?
Answers were Sorted based on User's Feedback
Answer / goutham kumar
let me say u a example to make u clear about PREVIOUS YEAR & ASSESSMENT YEAR
suppose u have earned a income in the financial year 2010-2011(april,2010-march,2011) u need to pay income tax on income earned on above year in the year 2011-2012
Now, 2010-2011 comes under previous year and
2011-2012 comes under assessment year
Is This Answer Correct ? | 1 Yes | 0 No |
Answer / amora
Previous year is a year wherein income is earned.Assessment year is a year wherein tax is paid.
Is This Answer Correct ? | 1 Yes | 0 No |
Answer / s.m.fathima farhana
Previous means 'coming before'..simply said that previous
year means financial year preceeding the assessment year.
Assessment year means on what time u have paid the income
tax behalf of the previous year's income..tax paid by
relevant financial act..
Is This Answer Correct ? | 3 Yes | 3 No |
Answer / samaresh bhunia
assesment year means in which year we calculate tax i.e-current financial year.
previous year means simply in which year we earned some income.i.e-before year
assesment year-2010-2011
previous year-2009-2010
Is This Answer Correct ? | 1 Yes | 1 No |
Answer / harendra singh
Previous year is that year in which income is earned and assessment year is that year in which the tax is paid on the income.
Is This Answer Correct ? | 0 Yes | 0 No |
Answer / rupa jame
assessment year is the period where the income earned
preceeding assessment year is assessed. Assessment year is
2010-11 then Previous year is 2009-10
Is This Answer Correct ? | 0 Yes | 0 No |
Answer / mrinal
Assessment year is the year in which you file your returns
for the Income earned for the financial year, which had
just ended.
For example if you are filing income tax returns in July
2010, then you would be filing returns for Financial Year
2009 – 2010 & this is what is called Assessment Year.
Is This Answer Correct ? | 0 Yes | 0 No |
Answer / abhayranu
i am working in 2011-12 is called assesment year.but
previous year called 2010-2011.
Is This Answer Correct ? | 0 Yes | 0 No |
Assessment year is the year in which Income of person are
assest, normally it is the year next to the year in which
Income is earned. Whereas Previous Year is the year in which
income are earned.
Is This Answer Correct ? | 0 Yes | 0 No |
Answer / bijender singh
assesment year means the period starting from april 1 and
ending on march 31 of the next year.in this year you have
to paay tax.for example assesment year 2011-2012 will
commence on april 1,2011 and end on march 31 ,2012.
In which income is earend is known as previous year
Is This Answer Correct ? | 0 Yes | 0 No |
what is the rate of service tax in haryana?
How to entry pass tds of sundary debotors
What is a service tax?.How to pay the service tax return?
What is TDS_return?when it is applicable?how it is deducted?
Hi, Please guide me in the TDS calculation. I know the slabs.But I dont have much idea about the deduction part.What is the need of Bsic and HRA while calculating TDS.Also I heard that LIC, Rent etc is excempted from TDS.Please guide me...my email id is tinjusyriac@gmail.com Thanks in advance..
is Discount Allowed Indirect Expences?
what is the rate of TCS tax?
The Bank FD matured. The amount was Rs.500000, Interest was Rs.25000, The TDS was 10%, What is Journal Entry for this.
What is the rate of WCT in Haryana.
if Advance Tax is diposited by u Rs.200000/- TDS Deposited Rs.100000/- Assesment tax raised by It depart ment Rs.350000/- What will be the Journal entries?
WHAT SHOULD I DO IF TDS IS YET TO BE DEPOSITED BUT PERTAINS TO MAR,09 (LAST FY) THE THING IS THAT ACTULLY BILL WAS RAISED FOR THE M/O MARCH 09 IN MAY09. AS THE BILL PERTAINS TO LAST FY YEAR AND LAST DATE FOR TDS RETURN HAS GONE 15.06.09. WHAT ARE THE SOLUTIONS PLS HELP ME OUT
2 Answers Chartered Accountant,
what is vat,meaning,procedure,heads,rates,all form of vat,when vat is filled,full information about vat?