difference between previous year and assessment year
6 Replies
CA Rashmi Gandhi
(Chartered Accountant)
(86461 Points)
Replied 03 October 2017
Previous year is a year for which tax calculation made by you. It is from Apr to Mar.
Assessment Year is year just next to P.Y.
For e.g. P.Y. 01 Apr 2016 to 31 March 2017.
Then A.Y.2017-18
Assessment Year is year just next to P.Y.
For e.g. P.Y. 01 Apr 2016 to 31 March 2017.
Then A.Y.2017-18
Manghnani
(manager)
(14 Points)
Replied 03 October 2017
Income earned during a FINANCIAL YEAR ,for this we file the returns and asses the income and the income tax only in the next year hence the ASSESSMENT YEAR is that during which we asses the income and income tax and file the returns
Ajit Hegde
(CA - Final)
(1367 Points)
Replied 03 October 2017
Assessment year is the year in which you assess your tax. i e after the end of a financial year, you assess your tax.
Standing in a assessment year, relevant financial year for your tax assessment is the previous year!
Standing in a assessment year, relevant financial year for your tax assessment is the previous year!
Srikanth Yekkaldevi
(179 Points)
Replied 03 October 2017
assessment year - the financial year in which tax is paid .
previous year - the financial year immediately preceding the assessment year (or) the financial year in which income has accrued or received .
previous year - the financial year immediately preceding the assessment year (or) the financial year in which income has accrued or received .
Krishna Sarma
(Article Assistant)
(74 Points)
Replied 03 October 2017
Assessment year: The year in which income is assessed for payment of taxes.
Previous year: The year in which income is earned. Previus year starts when source of income comes into existence
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