09 April 2009
Hi... As I am new to Income Tax, I ve a few queries. What is the meaning of Assessment Year 2008-09. if I have to file my ITR-4 for the last financial year, i.e. 2008-09, then what will be my Assessment Year. While going through the Income Tax website for e-filling return at https://incometaxindiaefiling.gov.in, e-filling for AY 2006-07, AY2007-08, AY2008-09 is avaliable, So which one should I choose to file my return. I ll be gratefull if anyone can guide me on this. thanks in advance...
09 April 2009
Assessment Year means the year in which the income of the previous year which is 2008-09 is assessed. The assessment year for 31/3/09 will be 1/4/09 to 31/3/10 hence 2009-10. So AY is a year ahead of the year for whose IT return you want to file. AY 2008-09 means that income of the FY 2007-08 will be assessed in 2008-09 i.e the next year.
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