what is assessment year and previous year ?
Answer Posted / haseeb khattak
previous year a period of 12 month which we calculate the income or profit of such year is called previous year.
The previous year always before the tax payment. The period of 12 month normally started from 1st January to 31 December.The previous year also called income year.
Assessment year is a period of 12 months which we calculate or (compute) the total tax on profit or income of previous year of the company . The Assessment year immedietly come from income year when the business close the period of 12 month.
e.g: you earn income 2010-2011 previous year
taxable in 2011-2012 Assessment year
Is This Answer Correct ? | 0 Yes | 0 No |
Post New Answer View All Answers
WHAT IS THE PROVISION OF INCOME TAX, SELF ASSESSMENT TAX AFTER AUDITING GIVE THE EXAMPLE WITH ENTERY
what is period VAT revised return can be filed?
Who is to paid income tax and what is the procedure of filling income tax return?
what is the exise limit in granite manufacturing
in gujarat. whether Vat is applicable if H form issue ?
cst rates
I raised a service tax invoice against a client on which i charged service tax and without receiving any sum from client a deposited service tax on good faith but now client refuses to pay sum . so please, tell me what should i do.
In the Balance sheet of a company you see the following details, Liabilities: Provision for tax - AY 2008-09 RS 200000 AY 2009-10 RS 300000 AY 2010-11 RS 200000 Assets: Advance Tax- AY 2008-09 RS 150000 AY 2009-10 RS 300000 AY 2010-11 RS 200000 On 15-03-2011, the assessment order for AY2008-09 was received and the final tax liability was stated to be RS 250000. Pass the journal entry for the closing of the relevant accounts in the books for the AY 2008-09.
What is meant by Cost of Improvement?
What is form c & d in sales tax?
i dont no what is tcs and tds what the use and how to calculate Tcs&Tds
WHAT IS THE PROVISION OF TDS RECEIVABLE AT THE TIME OF YEAR ENDING GIVE THE EXAMPLE WITH ENTERY ON MY E.MAIL sonidilip87@yahoo.com
why charges PURCHASE @ 15 % TAX RATE ?
I am working as account in one of the logistics company for one year. I would like to know about service tax and how can I post necessary entries
if a buyer paid full cst 14.5% for a redistrable assect then whatis the registration process?