Friday, February 8, 2013

What is the meaning of Financial Year or Previous Year and what is Assessment Year in INDIA


Previous Year is the Financial Year (FY) ending on 31st March every 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 immediately following the financial year wherein the income of the F.Y. is assessed.

Eg. For Previous Year / Financial year ending 31.03.2009, the Assessment Year is 2009-10 (01.04.2009-31.03.2010). 

India always the Financial Year starts on 01st of April of every Year, and ends on 31st of March next year.


Assessment Year


Financial Year / Previous Year

Financial Year / Previous Year Period

2013-14

2012-13

1st April 2012 TO 31st March 2013


2012-13

2011-12

1st April 2011 TO 31st March 2012


2011-12

2010-11

1st April 2010 TO 31st March 2011


2010-11

2009-10

1st April 2009 TO 31st March 2010


 
Financial Year (FY) vary between countries.

China: 1st January TO 31st December.
Egypt: 1st July TO 30th June.
Thailand: 1st October TO 30th September  Etc.,

Regards
G.Srinivas

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