Assessment year clarification

Save Share

This query is : Resolved

Gaurav (Querist)

25 March 2013 Hi,

I started my business on 1st April 2012 and till now have made certain income from it.

In newspapers, it is written that 31st March is last date for paying income tax.

Is this last date for income generated between April 2012 and March 2013?

In income tax website, the latest form is showing for Assessment Year 2012-13. Should I fill this form? As per my understanding, this form is for financial year 2011-12.

So which form do I have to fill? Or I have to pay income tax on 31st March 2014 for my income generated between 2012-13?

Thanks

Anand

Anand (Expert)

26 March 2013 Gaurav,
you are required to pay advance tax on your income for FY 2012-13 only if the total advance tax due for a year exceeds Rs. 10,000/-. Otherwise, you are required to pay the tax on or before the due date for filing the return which is currently 31.07.2013, if you are running a proprietorship.

The consequences of failure to do so entail interest u/s 234B and u/s 234C
The return for FY 2012-13 will have to be filled in the form for AY 2013-14. The form for AY 2012-13 is for FY 2011-12, as rightly undertood by you.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now