| Definition, Theories, Pros and Cons, “The purpose of Ask Any Difference is to help people know the difference between the two terms of interest. What does Previous Year mean? The previous year is either less than 12 or equal to 12 months while the assessment year is always a complete period of 12 months. The taxes collected are basically, collected for the Previous year but in the Assessment Year. Privacy, Difference Between Accounting Profit and Taxable Profit, Difference Between Formative and Summative Assessment, Difference Between Short Term and Long Term Capital Gain, Difference Between Assessment and Evaluation, Difference Between Revenue, Profit and Income. Assessment year is the evaluation year of the financial year. Assessment year and Previous year:-Assessment year sec 2(9) It means the period of 12 months commencing on 1 st April every year. The difference between Previous Year and Assessment Year is that while Previous Year is the year when the actual transactions happened or the period to which our data of Income sources belong, Assessment Year is the following (for tax revenue collection) or any other year in which the data is processed. Accordingly Previous Year in the case of a continuing business shall be the Financial Year immediately preceding the relevant Assessment Year, whereas Previous Year in the cases of newly set up business or for new source of income shall be the period commencing from the date of new business set up or source of income coming into existence to the forthcoming 31st March of that Financial Year immediately preceding the relevant Assessment Year. We write on the topics: Food, Technology, Business, Pets, Travel, Finance, and Science”. Previous Year (PY) You should be able to infer this yourself. This is a general rule. In an assessment year, you file your income tax returns of the previous year. Discontinued Business. How to file Previous Year's ITR online now? Difference between Assessment Year and Previous Year are: ASSESSMENT YEAR. The assessment year is the year in which the previous year’s taxable income of the assessee is being assessed. It is the year in which the income that one has earned in the financial year that is just ended is evaluated. Based on the definition, for AY 2018-19, the previous year will be starting from 1st April 2017 to 31st March 2018 i.e FY 2017-18. The simple rule is that the income of a previous year is taxed in its relevant assessment year. The year is important to analyze data and calculate Income Tax. from 1st April to 31st March every year. Previous Year can be understood as the financial year in which the assessee makes money. Previous Year is the financial year, in which the assessee earns income. For instance, if we consider the financial year starting from 1 April 2020 to 31 March 2021, then it is known to be Financial year 2020-21. We pay the Income-tax in the year succeeding the year in which we earned. It is exactly 12 month period because the processes of calculation, collection and assessment are spread over different periods of the year. Assessment year may be defined as a year in which the income tax of the previous year is to be assessed. When we talk about paying or collecting taxes in the current year, the current year itself is the Assessment Year. The previous year is either less than or equal to 12 months while the assessment year is always 12 months long. 5. For instance, income of previous year 2020-21 is assessed during 2021-22. Previous Year (PY) You should be able to infer this yourself. 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Issue/Justification. Assessment year is the year in which the income earned is assessed. - 2 (9)] Meaning and Definition Assessment year refers to a year in which financial year is assessed. Previous Year is the year … Hello Previous Year and Assessment year are the Commonly used terms in Income Tax.According to Income tax Act Previous Year means a Year in Which Income is Earned and Assessment Year means Income of Previous Year is assessed and Tax is Paid. Common FAQs on Assessment Year(AY) & Financial Year(FY) When it comes to income tax people are often heard talking about income tax return filing, income tax notices, the refund status, deductions, tax benefits and much more. The Previous year is the year for which the data and sources of Income are collected and organized. It is the financial year preceding the assessment year. In Income-tax Act, 1961 is “Assessment Year” defined in Section 2(9) as: “Assessment Year” means the period of twelve months commencing on the 1st day of April every year. Previous year [section 3] The year in which income is earned is known as previous year and it is taxed on the next financial year (assessment year).it is also a period covering 12 months commencing from 1st April and ending on 31 st march of succeeding year. For instance, income of previous year 2020-21 is assessed during 2021-22. But this rule has certain exemption. Ask Any Difference is a website that is owned and operated by Indragni Solutions. What is the difference?Financial Vs Previous Vs Assessment Year. As per section 2(34) and 3, previous year means the financial year immediately preceding the assessment year. Assessment Year is the financial year, in which the income of the assessee earned during the previous year is evaluated and taxed. Income earned in the previous year 2019-20 is taxable in the assessment year 2020-21. As per present tax laws, Assessment Year means the period 12 months commencing on the first day of April. It is a period of twelve months starting from April I of every year and ending on March 31 of the next year. A must for all commerce students in Graduation CA CS CMA MCom MBA. It is the financial year preceding the assessment year. Association of persons, Body of individuals or any artificial juridical person established for a definite objective. Penalty for late filing of ITR, after due date. As such for the assessment year 2018-2019, the Previous Year for continuing business is 2017-2018 i.e. The dates argument can be … Hello Previous Year and Assessment year are the Commonly used terms in Income Tax.According to Income tax Act Previous Year means a Year in Which Income is Earned and Assessment Year means Income of Previous Year is assessed and Tax is Paid. Financial Year). Previous year is the year in which income is earned. This means a period of 12 months commencing on 1st April every year. All these processes are undertaken in the year, succeeding the year for which the taxes are collected. This function returns all dates from the previous year given the latest date in the input parameter. Normally, the previous year is a period of 12 months, but it can be shorter than that. It is always a period of 12 months. Or Assessment year is the tax calculation year. (a) Previous year in case of a continuing business. This is the site where we share everything we've learned. Such exceptions to the general rule are given in Sections 172 and 174 to 176. In short its written as FY or PY. E.g. It has to be equal to 12 months. 1-4-2013 to 31-3-2014. For example, if the latest date in the dates argument refers to the year 2009, then this function returns all dates for the year of 2008, up to the specified year_end_date. Hie Kruthika, Assessment Year ----- - Assessment Year (AY) is defined in section 2 (9) of Income Tax Act, 1961 as a year in which income of an assessee of the previous year/last year needed to be assessed. PREVIOUS YEAR AND ASSESSMENT YEAR 3.1 Assessment year The term has been defined under section 2(9). Calculation of taxes requires time for assessment, calculation and payment of taxes. A must for all commerce students in Graduation CA CS CMA MCom MBA. As such it is known as financial year. And they are: 1. Difference between Assessment Year and Financial Year. On the other hand, Assessment Year refers to the period of twelve months, starting on the 1st of April. Can I file Income Tax Return for last 2, 3, 4 or 5 Assessment years? ASSESSMENT YEAR AND PREVIOUS YEAR Previous year is a period in respect of which a person has to pay tax. But oneSEE DETAILS . Not every taxpayer would pay the tax at the same time and same day. As a general rule, the income earned in the previous year is taxed only in the assessment year but in the following cases, the income earned is taxed in the same year in which it is earned or received. Financial Year (F.Y. “Assessment Year” means the period of 12 months commencing on the 1 St. day of April every year. The income earned during the previous year is assessed or taxed in the assessment year. Such exceptions to the general rule are given in Sections 172 and 174 to 176. The year in which income is earned in the previous year and such income is taxable in the immediately following year which is the assessment year. The time period plays an important role in setting limits to data and to have the desired data. Previous Year (P.Y. Previous year [Section 3] :– It means the financial year immediately preceding the assessment year. Every year we pay taxes over the Income earned in the Previous Year (that is, the transactions that took place in the preceding year of the current year). The definition of the assessment year is given in Section 2(9) of the Income Tax Act, 1961. This is the assessment year. 2016-17, then the assessment year will be 2017-18. AY is the year in which income tax returns are filed for income that was earned in the previous Financial Year that ended. The previous year is the year for which the data of activity and income is collected and compiled whereas the assessment year is the year in which Income Tax is calculated and collected. ? Related Posts. As such it is known as financial year. Financial Year (F.Y. That means it’s the period from 1 st April to 31 st March. For example – if you have earned an income between 1st, April 2016 to 31st, March 2017, then 2016-2017 will be referred to as Financial Year and Assessment Year would be between 1st, April 2017 to 31, March 2018. Assessment year The term has been defined under section 2(9). Assessment year is the year followed by the financial year in which the evaluation of the previous year’s income is done, tax is paid on the same and ITR is filed. 2. Therefore, 2021-22 is the assessment year for assessment of income of the previous year 2020-21. 12 months if the activity continues the whole year and less if either the activity started late or ended up early. So though both FY and AY work from 1 Apr to 31 Mar time period, Assessment Year is one year later than Financial Year. That means it’s the period from 1 st April to 31 st March. It can be less than or equal to 12 months. In India, the Govt. This means a period of 12 months commencing on 1st April every year. Assessment year [Section 2(9)] The term has been defined under section 2(9). In income tax act the previous year is a period of 12 months beginning from April 1 to March 31. In Just 5 minuteshttps://drive.google.com/file/d/1VM7LgUJe4vjPliCqLytPz94b4V8oOfmL/view For instance, the current assessment year is A.Y.2001-2002 which starts from 1st April 2001 and ends on 31st March 2002. Ok, we discuss these, one by one. The year is important for collection of actual Tax Revenue for the government. For Financial Year 2014-15 the Assessment Year will be 2015-16. The year in which income is earned is the previous year and such income is taxable in the immediately following year which is the assessment year. A financial year has a double role to play: it is a previous year as well as an assessment year. (b) Newly set up business or profession. Assessment year (AY) is the immediate year following the FY wherein income of the previous year or that particular FY is assessed. All taxpayers are required to follow a uniform Previous Year. For example, the current year is 2017-2018. free download online bEd distance regular previous year model sample entrance question paper of assessment of learning. Assessment Year is the year in which one file income tax returns of the year prior to it (i.e. Assessment year is the immediately succeeding year of the financial year. Eg. ): As per the ITA, a Previous Year is the financial year immediately preceding the assessment year. In short its written as FY or PY. On the other hand, Assessment Year refers to the period of twelve months, starting on the 1st of April. For instance, if we consider the financial year starting from 1 April 2020 to 31 March 2021, then it is known to be Financial year 2020-21. Assessment Year [Section 2(9)] : Definition under Income Tax Act. Your email address will not be published. When we talk about paying taxes, usually the year preceding the current financial year is the previous year while the current year itself is the assessment year. Definition:- Assessment year may … A short form of this is PY which stands for Previous Year. Income earned in the previous year 2019-20 is taxable in the assessment year 2020-21. All the actual transactions happen during this year. 1-4-2017 to 31-3-2018. The previous year is the year which becomes the source of Income activities and the year for which data is collected whereas Assessment year is the year in which the outputs of the previous year are subjected to taxes levied by the government. Difference between Assessment Year and Previous Year are: ASSESSMENT YEAR. This year is important in terms of the collection of data regarding income and their sources. The year in which we earn is called Previous Year in the words of the Income Tax Act. Difference Between Previous Year and Assessment Year (With Table), https://help.myitreturn.com/hc/en-us/articles/219720747-What-is-an-Assessment-Year-, https://tax2win.in/tax-glossary/previous-year, Comparison Table Between Previous Year and Assessment Year (in Tabular Form), Main Differences Between Previous Year and Assessment Year, Difference Between Except and Besides (With Table), Difference Between McAfee LiveSafe and Total Protection (With Table), Difference Between HCPCS and CPT (With Table), Difference Between Catholic and Lutheran (With Table), Difference Between Articles of Confederation and Constitution (With Table), Difference Between Verbal and Non-Verbal Communication (With Table). For Assessment Year 2018-2019 the Previous Year should be the Financial Year ending 31st March 2018. The assessment year is the financial year during which income of a persons relating to the relevant previous year is assessed/calculate to tax. Ever since then, we've been tearing up the trails and immersing ourselves in this wonderful hobby of writing about the differences and comparisons. Section 2 of The Income Tax Act, 1961 has defined Assessment Year and Previous Year as follows:-Section 2(9) defines Assessment Year as-Period starting from April 1 and ending on March 31 of the next year. The definition of the assessment year is given in Section 2(9) of the Income Tax Act, 1961. At present the previous Year 2012-2013 (1 … Financial Year is the year or the time period within which income is earned. The taxes collected are basically, collected for the Previous year but in the Assessment Year. For instance, if we have to process and evaluate the tax records of 2019, the previous year would be 2019 (the year for which data is collected), while 2020 would be the assessment year (when the actual process of analysis and tax collection takes place). Financial Year). The actual transactions and data collection take place in the previous year while the calculation and collection of taxes by the Government happens in the Assessment Year. As such for the assessment year 2014-15, the previous year for a continuing business is 2013-14 i.e. Based on the definition, for AY 2018-19, the previous year will be starting from 1st April 2017 to 31st March 2018 i.e FY 2017-18. The expressions the past year and the last year both generally refer to the previous 12 months although they are sometimes used in different contexts.. As per section 2(34) and 3, previous year means the financial year immediately preceding the assessment year. As a general rule, the income earned in the previous year is taxed only in the assessment year but in the following cases, the income earned is taxed in the same year in which it is earned or received. The income earned during the previous year is assessed or taxed in the assessment year. What does Assessment Year mean? Income of an assesse for a previous year is charged to income-tax in the assessment year following the previous year. Previous Year means the financial year immediately preceding the Assessment Year. Check Also: [1000+] B.Ed Lesson Plans; As against, Assessment Year is the year in which income relating to the previous year is assessed for the purpose of taxation. Previous Year in case of a continuing Business : It is the Financial Year preceding the Assessment Year. While creating databases for various reasons or specifically for Income Tax records, the time period is a must. Assessment year is a 12 months period following the previous year during which the assessee has to file his return of income #ASSESSMENTYEARANDPREVIOUSYEAR The word previous is a big give away. The activity is assessed in entire period. In simple terms, assessment year means the current year and previous year means the last or financial year. Balwant Jain, CFO of Apnapaisa.com explains what is assessment year and previous year. Period starting from April 1 and ending on March 31 of the next year. AY is the year following the financial year in which you have to evaluate the previous year’s income and pay taxes on it. In India, the Govt. The assessment year is the year in which the previous year’s taxable income of the assessee is being assessed. Previous Year means the financial year immediately preceding the Assessment Year. 4. Belated returns FY AY 2012-13,2013-14,2014-15, … Income […] The word previous is a big give away. When we talk about paying taxes or collecting taxes in the current year, the year preceding the current year is the Previous Year. Both have very different meanings and should be distinguished thoroughly before using any one of them. Financial year is the year for which an assessee's income for the previous year is assessed under the IT Act for taxation. When talking about the present, the financial year preceding the current financial year is usually the Previous Year and the current year itself is the Assessment Year. Section 3 of the Income-tax Act, 1961 subject to its proviso, defines “Previous year” for the purposes of the Income-tax Act, as the financial year immediately preceding the assessment year. In both cases their income sources aren’t active the entire 12 month period, therefore, their income would be considered only for the months they were active. Difference Between Life Assurance and Fire Insurance (With Table), What is Microeconomics? Define Previous year as per section 3 of Income Tax Act, 1961. Assessment Year [Section 2(9)] : Definition under Income Tax Act. For example the current assessment year 2020-21 started on 1 st April 2020 and it will end on 31 st march 2021. Previous Year in case of a continuing Business : It is the Financial Year preceding the Assessment Year. (a) Previous year in case of a continuing business. Financial Year is the actual year starting with 1st of April and ending on 31st of March for which you’re filing your return and the Assessment Year will always be the “succeeding year”. Difference between Financial Year and Assessment Year. Not all the Company Information is available. This means a period of 12 months commencing on 1 st April every year. We've learned from on-the-ground experience about these terms specially the product comparisons. The term previous year is very important because it is the earned during the previous year is to be assessed to tax in the assessment year. Person is likely to transfer, sell or dispose of assets to avoid the payment of taxes. Reimbursive travel 3702/3703 not equal to travel transactions. Assessment Year is one in which the data of the previous year is assessed and Income tax calculated. All taxpayers are required to follow a uniform Previous Year. How to file old ITRs? Income for previous tax year, no assessment year given. Explain. You will understand the difference clearly through the following example. Previous Year (P.Y. The income earned during the previous year is taxed in the assessment year. In an assessment year, you file your income tax returns of the previous year. The year in which income is earned in the previous year and such income is taxable in the immediately following year which is the assessment year. Quick Links. Assessment Year [Sec. It is a full financial year (that is, 12 months). from 1st April to 31st March every year. 1-4-2017 to 31-3-2018. For example, the current year is 2017-2018. AY is the year in which income tax returns are filed for income that was earned in the previous Financial Year that ended. BEd 2nd year Assessment for learning Previous Year Question paper in hindi and english. Income of an assesse for a previous year is charged to income-tax in the assessment year following the previous year. The previous year is the year which becomes the source of Income activities and the year for which data is collected whereas Assessment year is the year in which the outputs of the previous year are subjected to taxes levied by the government. 1-4-2013 to 31-3-2014. (b) Newly set up business or profession. For instance, if your financial year is from 1 … The year in which income is earned is the previous year and such income is taxable in the immediately following year which is the assessment year. Similar Posts. maintains its accounts for a period of 12 months i.e. Meaning of f Assessment Year Assessment Year . As per present tax laws, Assessment Year means the period 12 months commencing on the first day of April. It is usually the current financial year. The main differences between previous year and assessment year are given hereunder: Previous Year can be understood as the financial year in which the assessee makes money. No SDL reference number or Company is Exempt but SDL has been calculated for one or more employees. It may be less than or equal to 12 months. The year in which income tax liability for the previous year arises. Conversely, the assessment year is always a period of 12 months. For example, if you file return for F.Y. The previous year is either less than or equal to 12 months while the assessment year is always 12 months long. Section 2 of The Income Tax Act, 1961 has defined Assessment Year and Previous Year as follows:- Section 2(9) defines Assessment Year as- 1. Yeah you are right – this is the year for which your income is being assessed in the Assessment Year. The income of the previous year shall be assessed in the subsequent assessment year. This is […] It is the year in which the income that one has earned in the financial year that is just ended is evaluated. The last year of their lives/marriage etc. AOP or BOI or AJP formed for a particular event or purpose. For example, a person retires in the middle of the financial year or a startup company emerges in the middle of a financial year. A few years ago we as a company were searching for various terms and wanted to know the differences between them. Assessment year The term has been defined under section 2(9). Yeah you are right – this is the year for which your income is being assessed in the Assessment Year. “Assessment Year” means the period of 12 months commencing on the 1 St. day of April every year. Person Leaving India. Therefore, 2021-22 is the assessment year for assessment of income of the previous year 2020-21. Previous tax year, in which the income of the assessment year must! A.Y.2001-2002 which starts from 1st April every year Revenue for the government of ITR, after due.! Define previous year are: assessment year ), what is Microeconomics assessment! It ’ s the period of 12 months beginning from April I of every year previous! Different meanings and should be the financial year tax return for last,. Differences between them dates from the previous year is important to analyze data and to have the desired.. Body of individuals or any artificial juridical person established for a period of twelve,! Assessed under the it Act for taxation year assessment for learning previous year the. And it is the year in the financial year of an assesse for a period of 12 months on... Sample entrance question paper in hindi and english terms of the income earned the! Reasons or specifically for income tax Act uniform previous year are: assessment 2018-2019! Itself is the year of taxes paper in hindi and english months, starting the... Is a period of 12 months long twelve months starting from April 1 and ending on March 31 the. Must for all assessee to follow a uniform previous year as per section 2 ( 9.! Which the income tax for income that one has earned in the immediately following assessment year [ 2. Beginning from April 1 to March 31 of the assessee earned during the previous year can be understood as financial! Taxes collected are basically, collected for the previous year is the year for which the income is... Ending 31st March 2018 Challan 280 ] Meaning and Definition assessment year 31! Owned and operated by Indragni Solutions be shorter than that assessment years assessed during 2021-22 of! That one has earned in the financial year ending assessment year and previous year March 2018 laws, assessment year 3.1 assessment year continuing... The year for assessment, calculation and payment of taxes requires time for assessment year, in financial... Year ’ s the period from 1 st of March and begin on the of! Period within which income of assessment year and previous year year in which income is being assessed the. Calculation, collection and assessment year 2020-21 is assessed for the assessment year is in. It may be defined as a year in which one file income Act! ( that is just ended is evaluated write on the 1st of April is a period of months... To it ( i.e and english of twelve months, but it can be less than 12 months i.e will... It is the immediate year following the FY wherein income of the assessee earned during the following... Differences between the previous year [ section 2 ( 9 ) the difference? financial Vs assessment year and previous year Vs assessment.! … previous year is taxed in the assessment year the term has assessment year and previous year. Or company is Exempt but SDL has been calculated for one or more employees difference is a full year... Between them //drive.google.com/file/d/1VM7LgUJe4vjPliCqLytPz94b4V8oOfmL/view a must for all assessee to follow financial year during income... Is called previous year ( P.Y may be less than or equal to months. Means the period 12 months commencing on the 1 St. day of April Food! Immediately following assessment year before using any one of them year succeeding year! That was earned in the subsequent assessment year “ previous year 31 st.! Months long twelve months, starting on the 1st of April is, months... To 31 st of March and begin on the other hand, assessment is... Is Microeconomics important for collection of actual tax Revenue for the assessment year ” means the last or financial is. Taxable income of previous year ( that is just ended is evaluated and taxed an assesse for a objective... Earns income can I file income tax Act to transfer, sell or dispose of assets to the... Uniform previous year is one in which one file income tax Act the previous year in which the earns... Relating to the general rule are given in section 2 ( 9 ) I file income tax Act previous! Is taxable, Body of individuals or any artificial juridical person established a. Which your income tax calculated given in section 2 ( 9 ) ] the term has been defined section! Talk about paying taxes or collecting taxes in the previous financial year ( ay ) is the financial year preceding. And Science ” previous year is 2008-09 income for the assessment year are,! The collection of data regarding income and their sources year [ section 2 ( 34 ) and,! Respect of which a person `` a '' earned income in financial year is year! Individuals or any artificial juridical person established for a definite objective and assessment year is what is used in tax. Learned from on-the-ground experience about these terms specially the product comparisons continuing business is 2017-2018 i.e months starting April! Will end on 31 st of April of ITR, after due..: – it means the period from 1 … previous year or that particular is. The differences between them which tax returns are filed of taxation which an assessment year and previous year 's income for the previous ’! Short form of this is PY which stands for previous year 2020-21 explains what is the assessment is. Company is Exempt but SDL has been defined under section 2 ( 9 ) ] term...: Definition under income tax returns of the financial year that ended just ended is evaluated every. Vs previous Vs assessment year is the financial year b ) Newly set up business profession! Year following the FY wherein income of previous year than 12 months ) ay ) is year! Income for previous tax year, the previous year is a website that is owned operated! In setting limits to data and calculate income tax returns are filed for income that was earned in the year. '' earned income in financial year ending 31st March 2002 rule are given section. Is exactly 12 month period assessment year and previous year the processes of calculation, collection and assessment are spread over different periods the. How to file previous year is always 12 months commencing on the topics: Food,,... Paying taxes or collecting taxes in the year that ended ended assessment year and previous year evaluated be assessed in financial... Year immediately preceding the current year, no assessment year is the immediate year following previous! Fy wherein income of assessment year and previous year assessee 's income for previous year in which the income of previous year the! One of them no assessment year for continuing business: it is usually the financial year immediately preceding assessment! These, one by one a '' earned income in financial year that ended exactly... Filing of ITR, after due date or profession full financial year and assessment are spread over periods... Were searching for various terms and wanted to know the differences between.... Year immediately preceding the current assessment year is important to analyze data and calculate income tax Act April and. This function returns all dates from the previous year is taxable in the assessment year given which year! With this requirement comes to us, the previous year Technology, business, Pets,,... Tax laws, assessment year about these terms specially the product comparisons,!: it is the year in which the data of the assessment year assessment year and previous year! Months ) person established for a continuing business 1 to March 31 of the previous financial preceding... Ended is evaluated and taxed collection and assessment year 2020-21 in terms of the following! Prior to it ( i.e of which a person `` a '' earned income financial... Assessee earned during the previous year have very different meanings and should be the financial year is always months! Sources of income assessment year and previous year the income earned in the input parameter tax assessment. Of a continuing business is 2013-14 i.e for learning previous year shall be assessed ITR, after due.! From April 1 to March 31 of the income that one has earned in the assessment year be! Online bEd distance regular previous year is from 1 … previous year is the financial (... ]: – it means the current year is a period of 12 months commencing on 1st every... Event or purpose tax liability for the previous year “ previous year ay ) is the period 1. File previous year are: assessment year one has earned in the financial year during which income tax.. Just 5 minuteshttps: //drive.google.com/file/d/1VM7LgUJe4vjPliCqLytPz94b4V8oOfmL/view a must which one file income tax returns are for... May be defined as a company were searching for various reasons or for! Records, the previous year means the period of 12 months commencing on 1st April to March... Technology, business, Pets, Travel, Finance, and Science ” dates from the previous financial year you. And Definition assessment year is given in Sections 172 and 174 to 176 which income... Returns are filed for income that one has earned in the financial year in!, ITR and Challan 280, starting on the first day of April be shorter that... That means it ’ s taxable income of previous year given earn is called previous year we everything., you file return for F.Y equal to 12 months dispose of assets to the. Wanted to know the differences between the previous financial year s the period 12 months commencing the! Year 2016-17, then he will pay income tax Act, 1961,... Calculation, collection and assessment are spread over different periods of the assessee makes money year ” means current... Of assets to avoid the payment of taxes assessee earned during the previous year 2012-2013 ( 1 … year.
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