what is assessment year and previous year ?




Answers were Sorted based on User's Feedback



what is assessment year and previous year ?..

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

what is assessment year and previous year ?..

Answer / mani

assesment year means following year previous year means
last year.

Is This Answer Correct ?    259 Yes 74 No

what is assessment year and previous year ?..

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




what is assessment year and previous year ?..

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

what is assessment year and previous year ?..

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

what is assessment year and previous year ?..

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

what is assessment year and previous year ?..

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

what is assessment year and previous year ?..

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

what is assessment year and previous year ?..

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

what is assessment year and previous year ?..

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 out put sale tax and in put sale tax?

1 Answers  


Igave a cheque of Rs 25000/- to a Professional. Do I deduct TDS on Rs 25000/, then after three months I further pay the same Professional Rs 40000/-.Have I to pay Tds on 25000 Or Rs 65000/- or only Rs 40000/-,Have I to pay interest on delayed payment for Rs 25000/-?

4 Answers  


What is the depriciation charged on animals such as elephants,dogs etc?

1 Answers   KPMG,


Please tell me about TDS, VAT, CST, Service tax with latest rate?

17 Answers   DELL, Idea, Satyam, TVS, Jai Enterprises, Tech Mahindra, Ambica, Apollo Tyres, Empire, GI, GSNA, Indu Projects, JMD Group, KK Bhansali, Marck Biosciences, National Genset Power Corporation, Pharmaceutical, Sangam Group, Shipping Corporation of India, Vico, Vijay Industries, Shubham,


One c form issued by the ETO was found misplaced.Kindly advise the procedure for reissuing .

1 Answers  






WHAT IS THE COMPLETE ACCOUNTING PROCEDURES OF SERVICE TAX? WWHAT IS ITS ACCOUNTING TREATMENTS & HOW INPUT CREDIT WILL BE TAKEN & HOW IT WILL BE ADJUSTED AGST OUTPUT SERVICE TAX? PLS SUGGEST ME?

1 Answers  


I wanted to know about the taxes in haryana on Software Licenses ( Paper licenses). what is the % of service tax and VAT. and the both the taxes is charged on Base Amount or service tax is charged first and then VAT is calulated on the amount with Service TAX?

0 Answers  


What is the differance between vat and tds d-vat and can we take benefit from it. for example if we sells to some one the entry is Dr. ram A/c 10000 Cr. Sales@4% 9600 Cr. Output vat@4% 400 now we received the cheque agst. sell the entry is Dr, Bank A/c 9573 Dr. Tds d-vat Receivable A/c 200 Dr. Tds Income Tax A/c 227 Cr. Ram A/c 10000 now If We recd. the Tds D-vat Certificate from our Debtor (Ram) What is the entry.....?????? and how can we get the benefit of it...???

0 Answers   Capital IQ,


i had sold a residential property owned by me and had received proceeds of sales of said property by cheque but at present i am unable to purchase new residential property and the money is lying with me ideal in my bank account can i invest that ideal amount for period till 1 year or upto 1.5 yr till i purchase new residential house. what will be income tax treatment for the ideal amt invested in some else for time being and not purchased a new residential house.

1 Answers   Wipro,


What is the journal entry for tds certificate received by the company debtor

6 Answers   Enrich,


How to get the C form? If i am a registerd delear

1 Answers  


About vat, service tax, tds, cenvat

0 Answers   Reliance,






Categories