Assessment year- previous year

Originally posted by : Amit
	If a person files his return for FY 12-13 in the year FY 13-14, then assessment year is AY-13-14 and corresponding previous year is 12-13. But, if one files his return for FY 12-13 in the year FY 14-15, then what is the year of assessment (assessment year) and what is the corresponding previous year? For experts, this is an easy question, but, for me It is confusing.  Pl. help me out

For financial year 2012-13, assessment year will be 2013-14.
.
What you are talking about is known as ‘Belated Return’. If an assessee, does not file the return by the due date, then he may file a belated return, which is one year from the end of the relevant assessment year or before the completion of assessment, whichever is earlier. [Section 139(4) of the Income Tax Act, 1961].
.
i.e. for financial year 2012-13, belated return can be filed on/before 31.03.2015.

Originally posted by : |)eep @ k Gupt/\
	For financial year 2012-13, assessment year will be 2013-14. . What you are talking about is known as ‘Belated Return’. If an assessee, does not file the return by the due date, then he may file a belated return, which is one year from the end of the relevant assessment year or before the completion of assessment, whichever is earlier. [Section 139(4) of the Income Tax Act, 1961]. . i.e. for financial year 2012-13, belated return can be filed on/before 31.03.2015.

Dear Sir,

 

Thank you very much for your above quick reply.

So, i understand that for financial year 2012-13, even is return is filed belatedly in 14-15 and not in 2013-14, the assessment year will still be considered 2013-14. Pl. confirm my understanding by your reply.

Dear Amit, As mentioned above, what you understand is correct. In simpler terms to make you understand, Previous Year is the year where a person earns his income and Assessment Year is the year where his income gets assessed i.e where one finalises his income and files the return. In an assessment year, you file your income tax returns of the previous year. Assessment Year start on the very next day of the Financial Year completion. For Example. For Previous Year 2012-13, Assessment Year is 2013-14. irrespective of when you file your return.

Thx a lot Mr. Ronak,

My doubt is completely cleared. Thx for your time and efforts. 

I thank you very heartily. And, also to the previous person, again, who answsered.

 

Dear Mr. Ronak, as an after thought, your explanation (specifically the last line) hit right on the nail. Pl. keep this up.