Previous Year

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

04 April 2010 PY means the period of 12 months commencing on 1st April to 31st March of next year. Is it true that the period of 12 months commencing from 1st March and ending on 28th February of next year considered as PY in Govt. Departments? I understand that salaried Govt. employee’s savings/ investments u/s 80c and other applicable sections of the IT Act in respect of the period from 1st March to 28th February only (and NOT for the normal period i.e. from 1st April to 31st March) are taken into account for calculation of taxable income and tax liability thereon. What is the logic and basis behind this? Please clarify.

Rahul Gupta

Rahul Gupta (Expert)
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04 April 2010 No. I don't think, this happens in Govt department.

Experts views are solicited........

Querist : Anonymous

Querist : Anonymous (Querist)

04 April 2010 Thanks a lot Expert! But, I am still not clear about the system followed for calculation of income tax in respect of govt. employees. More opinions and views of experts are solicited in the matter.

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