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 ?    368 Yes 40 No

Answer / mani

assesment year means following year previous year means
last year.

Is This Answer Correct ?    259 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 ?    165 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 ?    116 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

what is mean by vat (value add tax) what is that value, is it gross amount of purchase/sales, or it net of amount of pur/sales - on which it will calculated, i need with example

3 Answers  


how to enter annual maintenance service bill in account?

3 Answers  


What do you mean by vat, vat registration total cost hydra bad in which places

0 Answers  


what is form 8? what are all the details to be collected while buying c form

0 Answers  


What are the exemptions from salary

10 Answers   Influx Info Solutions,


I DED TDS ON SALARY AND CONTRACTOR WHERE I DEPOSITED THIS AMOUNT WHICH PROCESS I FLOW TO FULL FILL ALL THE MANDATORY

0 Answers  


what is F form E-I form and E-II form?

2 Answers  


What is turnover limit for Auditing of Service Tax, VAT, Income Tax, Provident Fund, P. Tax and WCT? Please mail me at gautam_ch2 @ rediffmail.com or call me at 09831707812.

0 Answers  


I am an employee in a IT Company. While filling out the form it prompts to fill - Details of Tax deducted at source from Salary (as per form16) and then it again prompts to fill - Details of Advance tax and Self Assessment Tax. if i fill both the columns, i get end result as 2 times of Tax i paid and a refund.

0 Answers  


what typae of accounts?

2 Answers  


WE purchase Firewell for our office Rs.26500/- the vendor charge 5% vat on 26500=1325 and S.Tax 14.5% on 26500/- =3843 is it is possible please clarify

0 Answers  


what is tds tax and what is vat use in tally ?

2 Answers  




Categories