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Phanindra Raju.G (Preparation for CA Final) (25 Points)

28 December 2009

what are accounting year,financial year,assessment year

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saurabh divekar (nil) (78 Points)
Replied 28 December 2009

accounting year is the period of 12 months when company prepares its books of accounts, it may be jan-dec or apr-mar or nov-oct whichever may be..

financial year is apr-mar, most of the companies and government maintains their financial records/ books of accounts in this period

i dont know exactly about assessment year..

here i have written whatever i feels it may be wrong....

CA Manish K Dhoot (CA, B. Com, NCFM, CPCM) (5015 Points)
Replied 28 December 2009

Accounting year is a year in which the books of an entity is written.

like for any concern accounting year is 1st jan to 31st dec. or 1st april to 31st march, or any other

Financial year is always from 1st april to 31st march

assessement year - the income of previous year is taxable in next year, like income of 2008-09 is taxable is 2009-10. the year 2009-10 is assessment year.

CA Manasa (CA) (1479 Points)
Replied 28 December 2009

Originally posted by : M @ n!$h
	Accounting year is a year in which the books of an entity is written. like for any concern accounting year is 1st jan to 31st dec. or 1st april to 31st march, or any other Financial year is always from 1st april to 31st march assessement year - the income of previous year is taxable in next year, like income of 2008-09 is taxable is 2009-10. the year 2009-10 is assessment year.