4 Replies
Sagar Mailapur
(172 Points)
Replied 04 March 2018
AY is the yearfollowing the financial year in which you have to evaluate the previousyear's income and pay taxes on it.
Kunal Lakhani
(self employed)
(36 Points)
Replied 04 March 2018
AY is tax period in which you have to pay
let give u an example
suppose I had earned 3 lace in FY 2016-17 then I have to pay tax in FY 17-18
hence As per income tax
2016-17 is PY and 2017-18 is AY
let give u an example
suppose I had earned 3 lace in FY 2016-17 then I have to pay tax in FY 17-18
hence As per income tax
2016-17 is PY and 2017-18 is AY
Bhavesh Jain
(63 Points)
Replied 04 March 2018
Assessment year is the year following the current year(in income tax it is termed as ‘previous year’)
in assessment year your income earned in previous year is assessed(i.e., checked/evaluated) to determine the amount of income tax to be paid
in assessment year your income earned in previous year is assessed(i.e., checked/evaluated) to determine the amount of income tax to be paid
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