Answer / pradeep deodhar

previous year and financial year is the same year in which you earn the income eg fy 2010-2011 and assessment year will be 2011-12

Answer / rajesh kumar srivastava

ACCORDING TO SECTION 2(9)ASSESSMENT YEAR (AY) IS THE PERIOD
OF 12 MONTH WHICH STARTS FROM 1ST APRIL AND ENDS 31ST MARCH.

ACCORDING TO SECTION 2(34),PREVIOUS YEAR MEANS THE PREVIOUS
YEAR AS DEFINED IN SECTION 3 OF THE ACT. SECTION 3 OF THE
ACT DEFINES PREVIOUS YEAR AS THE FINANCIAL YEAR IMMEDIATELY
PRECEDING ASSESSMENT YEAR e.g.INDOME EARNED DURING PREVIOUS
YAER 1.4.2009 TO 31.03.2010 WILL BE ASSESSED OR CHARGED TO
TAX IN A.Y. 2010-2011

Answer / jambulingam

Assesment year is the year for which the TAX is to be
assed. Assesment year is always the current financial year.
Previous year could be well inferred which will be any year
previous to assesment year.
eg. 2009-2010 is assesment year.
Previous year may be any year prior to 2003-2010

Answer / deepak tyagi

In which year we earn the money/income,that year will be known as previous year and In next year we shall pay the income tax,that year will be known as assessment year.

Answer / amora

Assessment year is a year in which the assessment is done
for the assessee.Perviuos year is a year which is prior to
the assessment year.

Answer / vinod kumar

assessment years means earned in income tax deposit year
and previous year income earned year

Answer / atul singh sengar

The period of 12 months commencing on the first day of
april every year.(Assessment year)
previous 'mean ' 'coming before', previous is thee
financial year preceding the assessment year ,e.g..,
assessment year 2011-2012 the previous year would the
fincancial year ending 31 march 2011.

Answer / vivek ramakrishnan

Well, let's say you've earned Rs. 5 lacs in FY 2010-11 (i.e
for the period 01 Apr 2010 to 31 Mar 2011).

When do you file your tax returns for this? ==> It's
usually in June or July 2011.

June 2011 is actually the next year (you earned Rs. 5 lacs
for the year ended 31 Mar 2011, remember?). June 2011 falls
under FY 2011-12 (since it falls under the period 01 Apr
2011 to 31 Mar 2012).

Since you file your returns in June 2011, and hence your
tax is assessed in June 2011, this year i.e. FY 2011-12 is
called the "Assessment year".

The previous year, i.e. FY 2010-11 is called...well,
the "Previous year"

Answer / rishikesh ajay latkar

Assessment year is the year in which the income is earned,
Previous year is the year in which the earned income is taxed.

Answer / neeharika sahu

Assement year means the
period of 12 months
commencing on the 1st
day of april every year.

Wheres previous year is
the financial year
preceding the assessment
year...
E.g.assement year
2011-2012 the previous
year should be the
financial ending on 31st
march,2011

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