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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