Interested to Buy Any Domain ? << Click Here >> for more details...
difference between assessment year and financial year
- 3 Answers
- 13171 Views
- I also Faced
- E-Mail Answers
Answer Posted / h.r. sreepada bhagi
Financial year of Accounting year is the relevant year in
which the transactions are done and and recorded in the
books of accounts.
Previous Year and Assessment Year are the terms used under
Income Tax Act. Previous year is the Accounting year or the
Financial year in respect of which the Income is Assessed to
Tax. Assessment year is the year in which the Income of the
Previous year is assessed to tax.
Example - For the Financial year (Accounting year) 2009-10,
Assessment year is 2010-11.
Some terminologies are expected to be changed w.e.f
01.01.2011, when the Draft Tax Code is accepted and
implemented as law.
| Is This Answer Correct ? | 26 Yes | 4 No |
Post New Answer View All Answers
Pl give the abstract details of Karnataka VAT Payment procedure, rebating, returns filing in connection of manufacture, distributer & retailer.
What is the difference between excise & service tax?
due date for issue of C form, if c form is not issue what will be the consequences
if i am running a tank lorry and the income of the tank lorry comes under haryana VAT 2003?
what is the difference between vat 100 and vat 120?
how can I know the status of the service tax filing of my organisation when I don't have any details except St number. I want to know till what date the returns are filed etc as I have recently joined.
What items come under deferred tax liability?
While I prepare Form JJ for goods transfer I made a mistake that the value of goods is morethan the actual value(i.e. instead of Rs.92100/- I filed Rs.1354000/-)and the copy of JJ sheet is sealed in the checkpost one copy is taken in the checkpost. please anybody give me the exact solution. thanks
WHAT IS THE PROVISION OF TDS RECEIVABLE AT THE TIME OF YEAR ENDING GIVE THE EXAMPLE WITH ENTERY ON MY E.MAIL sonidilip87@yahoo.com
what is procedure of calculation of TDS by bank?
Is wct charged on firm or proprietors ?
How to calculate entry tax on kraft papers format in excel under Assam Entry tax rules?
I have doubt on Input VAT & Output VAT (incoming vat / outgoing vat) I have a HMS software, where we have interface to tally erp. When we import the transactions to Tally from HMS (Hospital Management System) All the purchases what we do for a period, the tax paid on these purchase are showing as out going vat. Similarly when we do the sales of those purchased items through HMS, tax collected from customer is showing as incoming vat. Is these are correct terms what they had mentioned in HMS? Please help me out.
How to calculate the TDS
What doyou mean by assesment order? and for what purpose it will be passed?
