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Assessment Year or Finanacial Year is Both are same or
Different.
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Answer Posted / srinivas annavarapu
Financial year is the year you are preparing your Financial
statements / Total income stmt and submitting to Incometax
Authority.
Assessment year is starting from the ending date of the
Financial year i.e., in which year your accounts are
assessed by Income-tax department.
For Ex: If you are submitting your accounts to Incometax
Authority for Financial year 2008-09 (1st April 08 to 31st
Mar 09)the assessment year would be 2009-10.
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