Differences
This query is : Resolved
13 May 2014
what is the difference between financial year and previous year in income tax act
svraghunath
(Expert)
14 May 2014
dear gourav
Financial year means year beginning from 1st April and ends with 31st march for eg 01.04.2011 to 31.03.2012 - here FY means 2011-12.
Assessment year means it is one year ahead of financial year. for FY 2011-12 AY is 2012-13
ie., income earned in FY will be assessed in AY.
Financial year means year beginning from 1st April and ends with 31st march for eg 01.04.2011 to 31.03.2012 - here FY means 2011-12.
Assessment year means it is one year ahead of financial year. for FY 2011-12 AY is 2012-13
ie., income earned in FY will be assessed in AY.
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