Dear Chartered Accountants and knowledgeable person
Now 2023 , my officer told to me take last 3 AY of ITR computation...so now for which year I have to take plse help me for last three AY years????
And also please explain the AY and FY
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Difference between Financial year and assessment year
Replies (6)
AY 2020-21 AY 21-22 & AY 22-23
Financial year means accounting year I.e April to March and assessment year jis year me income ka assessment Hota h. in simple language next year of Financial year example FY 22-23 ke liye assessment year 23-24 hoga
Financial year means accounting year I.e April to March and assessment year jis year me income ka assessment Hota h. in simple language next year of Financial year example FY 22-23 ke liye assessment year 23-24 hoga
Thank you so much @ prasanth daga
In income tax parlance previous year is the accounting year.
assesment year is the next year.
assesment year is the next year.
In the Financial year which is from 1st April 2022 to 31st March 2023 , you pay all your Income tax liabilities by way of Advance Tax , TDS , self assessment tax etc.
Assessment year which is from 1st of April 2023 to 31 March 24 , all your tax liabilities paid in the financial year 22-23 , will be assessed by the Income tax department , therefore it is assessment year. Also in section 2(9) of the income tax Act define assessment year.
@ Prasad sir thanking you and special thanks for remaining peoples
AY 2020-21 AY 2021-22 and AY 2022-23
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