What is the difference between financial year and assessment year?

  1. Traffic Creator profile image58
    Traffic Creatorposted 6 years ago

    What is the difference between financial year and assessment year?

  2. professionalhub profile image59
    professionalhubposted 6 years ago

    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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