Assement year

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Querist : Anonymous

Querist : Anonymous (Querist)

10 August 2010 Dear sir,
please tel me is threre any difference between financial year and assement year.

Regards,
Gangadhara

Aditya Maheshwari

Aditya Maheshwari (Expert)
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10 August 2010 29[“Previous year” defined.

3. For the purposes of this Act, “previous year” means the financial year immediately preceding the assessment year :

Provided that, in the case of a business or profession newly set up, or a source of income newly coming into existence, in the said financial year, the previous year shall be the period beginning with the date of setting up of the business or profession or, as the case may be, the date on which the source of income newly comes into existence and ending with the said financial year.]

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Aditya Maheshwari

Aditya Maheshwari (Expert)
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10 August 2010 Section 2(9) “assessment year” means the period of twelve months commencing on the 1st day of April every year ;

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Aditya Maheshwari

Aditya Maheshwari (Expert)
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10 August 2010 Current F. Y. 2010 - 11 & A. Y. 2011 - 12.