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preceeding financial year vs previous year

LAKSHMI KANTH (TAX CONSULTANT) (449 Points)

25 May 2019

Sir. Whether "preceeding financial year " or" previous year "are one at the same.

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Deepak Gupta (CA Student) (15922 Points)
Replied 25 May 2019

Previous year is relevant financial year to assessment year.

Preceding financial year or preceding previous year is one year prior to the financial year said above.

Example:

A.Y. 2019-20
P.Y. 2018-19
P.P.Y. 2017-18

LAKSHMI KANTH (TAX CONSULTANT) (449 Points)
Replied 25 May 2019

sir.
means previous year or previous financial year are one at the same, am i right.

(Guest)

Originally posted by : LAKSHMI KANTH
	Sir. Whether "preceeding financial year " or" previous year "are one at the same.

Preceding FY is last FY. Previous year is year before AY in income tax. PY is always dependent on the AY, you cannot know PY unless you know AY. But preceding FY is year before current ongoing FY.

Both can be same.

Pitri Bagal (Store manager) (24 Points)
Replied 12 January 2021

I guess that this year is going to be a better one, you know COVID did a lot of damages to our financial system. A lot of people lost money and even businesses. I have a friend who was about to lose everything that he has been working at for some years. That is why now he is trying to work more and more at his financial knowledge. He is working now with these enrich.org guys and they help him to create his financial plans and even work with his employers. You know I started to think that it is high time for me to do the same thing, to invest in my financial knowledge. Do you have any ideas?!