What is the difference between financial year and assessment year?
financial year, is the given year where u have earned your income..This is a period used for calculating annual income on which you can calculate tax to be paid.
Assessment year is the year in which the income earned is
assessed. This is done for filing returns.
In other words previous year is the year in which income is earned and following year is assessment year where u file your returns., based on the income what you have earned previous year.
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