What is an assessment year?
Assessment year
In this post we discuss about Assessment year in terms of Income Tax return filing rules in India.
Assessment year is the year following the financial year, and it is used for filing tax returns of a particular financial year. In other words, the assessment year is the year following the financial year in which the income is evaluated.
As you know, financial year 2016-17 means the duration starts from April 01st, 2016 and ends 31st March, 2017. Assessment year for the financial 2016-2017 starts from April 1st 2017 and ends on March 31st 2018.
Let us discuss about assessment year in simple terms. If an income tax assesse is liable to pay Income tax this financial year, say 1st April, 2016 to 31st March, 2017 the assessment year for the said period starts from 1st April 2017 and ends on 31st March, 2018.
If you have to file your income tax return for FY 2016-17, the assessment year for 2016-17 is 2017-18.
This post explained about Assessment year under Income Tax rules in India. If you wish to share your thoughts about Assessment Year, share below your comments:
Other related posts:
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Who is a senior citizen under Income Tax rules India?
Financial Year under Income Tax rules
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Income Tax Slab for Individuals for the year 2016-17
Income Tax Slab for India citizens aged above 80 years
Income Tax slab for Senior Citizens for current year
Difference between Senior Citizen and Very Senior Citizen
Difference between Assessment year and Financial year
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