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What is assessment year?

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What is assessment year?

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Let’s say your Financial Year is from 1st April-2007 to 31st March-2008, then Assessment year for Income Tax purpose is year ending on 31st March, 2009 (1st April 2008 to 31st March 2009). In this case Financial Year would be called previous year.

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The year in which the income of the respective financial year will be subject to tax is known as assessment year. Income of the financial year 2003-2004 has corresponding assessment year 2004-2005.

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Asked in Personal Finance & Tax at 8:31 AM on November 27, 2008 Tags: assessment, year, difference, previous

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