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difference between assessment year and financial year
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Answer Posted / h.r. sreepada bhagi
Financial year of Accounting year is the relevant year in
which the transactions are done and and recorded in the
books of accounts.
Previous Year and Assessment Year are the terms used under
Income Tax Act. Previous year is the Accounting year or the
Financial year in respect of which the Income is Assessed to
Tax. Assessment year is the year in which the Income of the
Previous year is assessed to tax.
Example - For the Financial year (Accounting year) 2009-10,
Assessment year is 2010-11.
Some terminologies are expected to be changed w.e.f
01.01.2011, when the Draft Tax Code is accepted and
implemented as law.
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