Assement year
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 August 2010
Dear sir,
please tel me is threre any difference between financial year and assement year.
Regards,
Gangadhara
please tel me is threre any difference between financial year and assement year.
Regards,
Gangadhara
10 August 2010
29[“Previous year” defined.
3. For the purposes of this Act, “previous year” means the financial year immediately preceding the assessment year :
Provided that, in the case of a business or profession newly set up, or a source of income newly coming into existence, in the said financial year, the previous year shall be the period beginning with the date of setting up of the business or profession or, as the case may be, the date on which the source of income newly comes into existence and ending with the said financial year.]
3. For the purposes of this Act, “previous year” means the financial year immediately preceding the assessment year :
Provided that, in the case of a business or profession newly set up, or a source of income newly coming into existence, in the said financial year, the previous year shall be the period beginning with the date of setting up of the business or profession or, as the case may be, the date on which the source of income newly comes into existence and ending with the said financial year.]
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10 August 2010
Section 2(9) “assessment year” means the period of twelve months commencing on the 1st day of April every year ;
10 August 2010
Current F. Y. 2010 - 11 & A. Y. 2011 - 12.
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