Which assessment year is this

The financial year is the same as the fiscal year but the assessment year is the succeeding year of the financial year. Since an income earned in a financial year is evaluated and assessed in the succeeding year an income tax return has an assessment year.

An income cannot be assessed before or during the financial year. Hence, every taxpayer must mention the AY while filing the income tax return. An incorrect selection of an assessment year may lead to non filing and default in filing an income tax return. Last updated November 9, Our weekly newsletter with finance tips and investment insights from our experts.

Your privacy is important to us. Share this article. Scripbox » Tax » Assessment Year. Article Content. What is a Financial Year FY? What is an Assessment Year AY? Is the financial year and assessment year the same?

Is tax year the same as fiscal year? Posted on 9 Nov, Billionaire Elon Musk sells more shares in whirlwind Tesla stock ride. China's Singles' Day loses lustre as growth slumps to single digit amid crackdown. Covaxin interim data shows it is Investing in commercial real estate: Pros and cons, tax implications explained.

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Bank Ltd. Select State. Select City. Select Branch. Switch to Hindi Edition. Shweta Jain, certified financial planner, founder, Investography, and author, My Conversations with Money, points out, Tracking refunds is something that people forget to do. Check and ensure that all TDS are reflected in the portal. An individual can have income from multiple sources, like job, rent, family business etc.

Plus there can be interest income from investments. Under the current tax rules, taxpayers now have to mandatorily disclose capital gains or losses while filing ITR. Not doing so can have serious consequences. Planning taxes and tax savings is a year-long process, and many minute things can be avoided if one prepares ahead.

Pointing out one of the biggest mistake that salaried individuals often do, Billimoria says, - NOT planning for and declaring their investments for tax savings for the financial year. Never miss a story! Stay connected and informed with Mint. Download our App Now!! It'll just take a moment. Looks like you have exceeded the limit to bookmark the image.