What is the difference between Asst.Year and Accounting Year. Only professional can understand easily. Even the bankers who collect TDS , self assesment tax are confused.
As a result the amounts deposited are credited into the year already assessed.
I seek your comments -
Will there be any problem if only F.Y . is mentioned everywhere and the use of assessment year is completely removed from the law itself.
Accounting year is the Year in which a person has earned his income and Assessment year is the year in which you file your returns for the Income earned for the financial year(a/cing year), which had just ended.
A/cing year is applicable to all entities, whether it is employee, small / medium enterprise, large corporates etc. In fact it is applicable to every entity which generates revenue or manages revenue (Like Trusts) in a given Financial Year while Assessment year is used only in case of income tax (or related), not in all the cases.
Use matters...
Both terms have their own use, how can one be eliminated
accounting year may be more than a year like in case of trusts
like in case of trust, accounting year may be 2008-2012 but assessment year 2012-13.
and at the time of first year of accounting also
CAclubindia
