The financial year begins on April 1 and finishes on March 31. The assessment year is the year following the financial year in which the F.Y.'s income is assessed. We all struggle to understand the Assessment Year and Financial Year when it comes to income tax filing. So, in this article, I will describe what is Assessment Year.
What is the Assessment Year?
The Assessment Year is the financial year of the Government of India during which your income from the previous year is assessed for taxation. Every individual who is subject to taxation under this Act is required to file a return of income by the specified deadlines. The income tax department's officials and officers handle these returns. This procedure is known as evaluation. This is where the assessee's income is verified and validated.An assessment order is issued when the tax is calculated and matched to the payment made. The assessment year is the year in which the entire procedure is completed. The assessment year (from April 1 to March 31) in which income produced by you in a given financial year is assessed. For example, earnings from the Financial Year 2017-18 (April 1, 2017 to March 31, 2018) will be taxable in the Assessment Year 2018-19. (i.e. 1st April 2018 to 31st March 2019). In contexts, the Assessment Year is the year following the Financial Year.
Facts about the Assessment Year:
When it comes to preparing tax returns, you must keep in mind that Assessment Year and Financial Year are two distinct time periods.
The term Assessment Year will always be used on ITR forms, and it is critical that taxpayers do not mistake this phrase with Financial Year.
The papers that taxpayers refer to in the ITR form, such as Form 26AS, Form 16 A, capital gains statement, and tax deducted at source or TDS, must all be for the same financial year.
In fact, the Financial Year is applied to all evidence presented for assessment during the Assessment Year.
Post
Question
What is assessment year?
rekha
✔In Progress
👁394
Views
May 17, 2022
2022-05-17T18:04:23+00:00 2022-05-17T18:04:25+00:00Comment
1
Answers
Taxes
Share