i have very interesting topic for discussion.
can anybody tell me exactly why in income tax next year is taken assessement year?
if you asked 100 person all of them will say because income is assesseed next year. i.e after end of the year.
but how far is it true ????????
is it really the case.
then why we the concept belated return, assessement for undisclosed income, assessment for income escapsed for assessment. factually income can be assessed even after end of the asessement year, which can be upto six years.
i really do not find any logical justification for having the concept of assessement year as next year.
however, i only find one reason for it. and many of the person would agree for it.
as we know majority of the our (india's) law (infact all of them) are copied from outside county's law. espcially the english law.
and the britishers has the fund of having every in opposite.
we have lakh n crore so they hav million n billion, we have left hand driving they have right hand driving, litre vs gallon, kilo vs Punds, kilometre vs Mile etc etc the list is endless .
so i think while coping the law our draftman would have fogotten to modify the the concept of assessement year.
actally there should be any difference as FY and AY.
what you all people think.
think and reply.
bye .
CAclubindia
