what is assessment year and previous year ?
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Answer / goutham kumar
let me say u a example to make u clear about PREVIOUS YEAR & ASSESSMENT YEAR
suppose u have earned a income in the financial year 2010-2011(april,2010-march,2011) u need to pay income tax on income earned on above year in the year 2011-2012
Now, 2010-2011 comes under previous year and
2011-2012 comes under assessment year
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Answer / amora
Previous year is a year wherein income is earned.Assessment year is a year wherein tax is paid.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / s.m.fathima farhana
Previous means 'coming before'..simply said that previous
year means financial year preceeding the assessment year.
Assessment year means on what time u have paid the income
tax behalf of the previous year's income..tax paid by
relevant financial act..
| Is This Answer Correct ? | 3 Yes | 3 No |
Answer / samaresh bhunia
assesment year means in which year we calculate tax i.e-current financial year.
previous year means simply in which year we earned some income.i.e-before year
assesment year-2010-2011
previous year-2009-2010
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / harendra singh
Previous year is that year in which income is earned and assessment year is that year in which the tax is paid on the income.
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Answer / rupa jame
assessment year is the period where the income earned
preceeding assessment year is assessed. Assessment year is
2010-11 then Previous year is 2009-10
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Answer / mrinal
Assessment year is the year in which you file your returns
for the Income earned for the financial year, which had
just ended.
For example if you are filing income tax returns in July
2010, then you would be filing returns for Financial Year
2009 – 2010 & this is what is called Assessment Year.
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Answer / abhayranu
i am working in 2011-12 is called assesment year.but
previous year called 2010-2011.
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Assessment year is the year in which Income of person are
assest, normally it is the year next to the year in which
Income is earned. Whereas Previous Year is the year in which
income are earned.
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Answer / bijender singh
assesment year means the period starting from april 1 and
ending on march 31 of the next year.in this year you have
to paay tax.for example assesment year 2011-2012 will
commence on april 1,2011 and end on march 31 ,2012.
In which income is earend is known as previous year
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