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 4 Replies

shekar

shekar (Others)     27 January 2021

Assessment year (AY) is the year that comes after the Financial Year.
This is the time in which the income earned during Financial Year is calculated and taxed. 
Spurto Consultancy Services

Spurto Consultancy Services (Consultant)     27 January 2021

As per section 2(9) of the Income Tax 1961, 

"assessment year" means the period of twelve months commencing on the 1st day of April every year. 

"previous year" means the financial year immediately preceding the assessment year

Kapadia Pravin

Kapadia Pravin   27 January 2021

The financial year for which return is filed is called previous year. and financial Year in which return is filed is called AY.
ayusmita

ayusmita (Tax consultant)     27 January 2021

For example if you filling for 20-21 financial year then your assessment year will be 21-22

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