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assessment year

kumar (student) (248 Points)

15 December 2017

what could be the Assesment year if a firm chooses to follow calendar year for accounting ?

suppose 2017 Jan to Dec .
what is the relevant Assesment year??

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10 Replies

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 15 December 2017

As per your query
Jan 17 to Mar 17 - AY 2017 - 18...
Apr 17 to Dec 17 - AY 2018 - 19

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kumar (student) (248 Points)
Replied 15 December 2017

now I need to file ITR 5 a trade union's...
so it follows Jan to dec.now should I select ay 17-18 and report only April to Dec income ??🤔

kumar (student) (248 Points)
Replied 15 December 2017

or Jan to march ??

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 15 December 2017

Actually my reply based on your query as per your your notified months...
But, Now you can understand the following...

We are follow our business transactions months called "Financial Year" it's from 1st April to 31st March.... Then we assessed the transactions after next FY it's called Assessement Year...

FY April 2016 to March 2017 --> AY 2017 - 2018
FY April 2017 to March 2018 --> AY 2018 - 2019...

Now you are understand...?!

kumar (student) (248 Points)
Replied 15 December 2017

sir we have only Jan to Dec financial statements ..
now how to file the return??

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RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 15 December 2017

File the return as follows
Jan 17 to Mar 17 - AY 2017 - 18...

Apr 17 to Mar 18* - AY 2018 - 19 (wait on its availability. it's available after March 2018)

RAMAKRISHNAN R (INCOME TAX OFFICER) (1736 Points)
Replied 15 December 2017

you are supposed to maintain books prescribed under section 44AA as per accounting standards... you can follow any year but for income tax act, p.y. is April to march only