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Assessment year.
hi, I'm always confused in selecting A.Y, please tell assessment year for April 2021?
Replies (7)
April 2021 comes under A.Y 2021-22...
AY 2021-22 FY 2020-21
If we file the April 2021 month tds, the assessment year is 2022-2023
Yes you are right. AY in this case is 22-23
Assessment year means , In the year your Income Tax liability will be assessed for payment. So Income tax liability of F.Y 21-22 will only be assessed in the year 22-23 accordingly we are making payments file our returns in July and September as the case may be .
But if we file tds return for march 2021 month in may 2021 then the assessment years would be 2021 to 2022 or 2022 to 2023
Simple, FY in respect of the TDS return for Q4 is 20-21, so AY is 21-22
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