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what is assessment year and previous year ?
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Answer / siddhant
Assessment Year
Income-tax is an annual tax imposed separately for each assessment year (also called the tax year).
This commences from 1st April and ends on the next 31st March.
Previous Year
This is generally for a period of 12 months ending on 31st March just prior to the commencement of the assessment year.
In the case of a source of income coming into existence in the middle of the year,
“This may not run for a full period of 12 months from 1st April to the following 318t March.”
In General, the “previous year” is also referred to as the “Accounting Year” or the “Income Year”.
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Assessment Year is an year in which Income earned in the previous year is assessed and tax liability is calculated. For example, Income earned from 01-04-2013 to 31-03-2014 (Previous year 2013-2014) then the tax liability will be computed after 31-03-2014 i.e., from 01-04-2014 which is 2014-2015 (assessment year).
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Answer / manoj nayak
Assesment year mean current year & previous year mean last year. Ex.. if u fill u r tax now i.e 2015-16 is called previous year & 2016-17 is assesment year
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / jmr
PY is a yaer in which we earns income but AY is follow up
year of PY and tax caluclation will made in AY related
incomes of PY
| Is This Answer Correct ? | 2 Yes | 3 No |
Answer / rohan jain
arrey assesment year wo hota he jisme tax pay karte hai..
or
previous year wo hota he jisme rupiya-paisa kamatey he
ab aaya kuch samjh me
or sab log ab chup chap se
YES per hi click kar ne samjhe na
| Is This Answer Correct ? | 5 Yes | 6 No |
Answer / harsh vardhan pandey
assesment year is that year in which we make the assesment
of the income,earned in previous year. assesment year comes
just after its related previous year. previovs year may be
of 12 months or less than 12 months but assesment year will
always be of 12 months.
| Is This Answer Correct ? | 3 Yes | 5 No |
Answer / iqrar
assessment year is the year in which income earned is
assessed. but assessed. Previous year is the year in which
income is earned or arise.
Eg. AY 2006-07 and prev year is 2005-06
| Is This Answer Correct ? | 3 Yes | 5 No |
Answer / jambulingam
Not clear. Any one could explain more clearly
Thank you
| Is This Answer Correct ? | 38 Yes | 41 No |
Answer / satish kumar sharam
Assesment year is an year income of the entity to be
assesed. Previous year is an year income of the entity
earnd during the year.
| Is This Answer Correct ? | 14 Yes | 20 No |
Answer / ritesh patrikar
assesment year is the year in which we do our all the
bussiness transection it is also called current year of the
company .. and preveous year means the last year of the
company
| Is This Answer Correct ? | 14 Yes | 36 No |
Ganesh & Gopal joined a firm drawing salary of Rs 25000 per month.After serving 3 yrs ,they started business of their own in partnership,contributing Rs200000(expected life 10 yrs,bought spare parts worth Rs 33000 from Kundu on credit.Office supplies were purchased for cash.Initially they were very busy in conducting their business operations but by the end of the 1st year,31/12/2005 they were disappointed when they found their bank balances.Following is the summary of their bank statement. Receipts: Share Capital Rs 250000 Collections from Customers 412000 Payments: Equipment 200000 Salaries of Assistants 88000 Rent advance for 2 yrs 96000 On-year ins. Policy on equipment 12000 Office stationery 27000 Payment to Kundu 29000 Withdrawals of Ganesh 90000 Withdrawals of Gopal 90000 Closing balance c/d 30000 ----------- Total : 6,62,000 Still amount receivable from customers for services to them amounted to Rs 30,000 & closing balance of office stationery is Rs2000,spare parts Rs2600 were utilised by the end of the year .Prepare trial balance with the available information and show total. Also what is the net profit.
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