Difference Between Financial Year And Assessment Year
Many of us are always confused to understand financial and assessment year. If we look at the terms lightly they seems to be almost same. But there is a big difference between both financial and assessment year. To understand the difference between financial and assessment year you have to know what the financial year and the assessment year means.
Financial Year
A financial
year is a year in which you receive your income. Financial year always starts
from the 1st day of April and ends on the 31st March. On the
other hand assessment is the following year in which your tax is assessed. So
in short you can understand that a financial year FY is a year in which you
earn any income.
Assessment Year
An
assessment year is the year following a the financial year in which the income
is evaluated. Assessment year comes after the financial year. For example if we
are in the financial year 2016-2017 then the assessment year is 2017-2018. So we
see that an assessment year always comes after the financial year. Both the
financial and the assessment year start on the 1st day of April
month and end on the 31st day of March month. Your income is earned
in a financial year and the tax on that income is paid in assessment year.
Assessment Year and Financial Year:-
Dates
|
F.Y.
|
A.Y.
|
1st April 2013 - 31st March 2014
|
2013-2014
|
2014-2015
|
1st April 2014 - 31st March 2015
|
2014-2015
|
2015-2016
|
1st April 2015 - 31st March 2016
|
2015-2016
|
2016-2017
|
1st April 2016 - 31st March 2017
|
2016-2017
|
2017-2018
|
Difference between Assessment year and the Financial year is that an
assessment year is the assessment year of the Financial year. financial year is
the year in which you earn your income. Assessment year comes after the
Financial year. in the Assessment year you pay your tax. Assessment year
follows the financial year and this year you evaluate the previous year’s
income and taxes.
For an instance a financial year starts on 1st April 2016 and
ends on 31st March 2017. For this period that is financial year,
assessment year will be called 2017-2018. So in general we can say that
assessment year is the next to the financial year.
Starting of the financial year:-
A financial
year always begins on the 1st day of April and it closes on the 31st
day of the coming year’s March month.
What is the meaning of financial year and assessment year in Hindi?
हिंदी में फाइनेंसियल ईयर को वित्तीय वर्ष खा जाता है जो किसी भी साल की अप्रैल महीने के पहले दिन अर्थात 1 अप्रैल को शुरू होता है। इस वितीय वर्ष में आआप अपनी आय कमाते हैं दूसरी और एस्सेसमेंट ईयर को हिंदी में निर्धारण वर्ष कहा जाता है यह निर्धारण वर्ष वित्तीय वर्ष के बाद में आने वाला वर्ष होता है जिसमें किसी व्यक्ति की इनकम या आय पर लगने वाले टैक्स का मूल्यांकनतथा निर्धारण किया जाता है।
