0
What is the difference between financial year and assessment year?
Wiki User
∙ 12y ago
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 in which the income earned is
assessed. This is done for filing returns. In other words previous year is the year in which income is earned and following year is assessment year where u file your returns., based on the income what you have earned previous year.
earned. Eg. AY 2007-08 and prev year is 2006-07.
Wiki User
∙ 12y ago
The financial year is the year in which a company or individual earns income and incurs expenses, while the assessment year is the year in which the income earned in the financial year is assessed for tax purposes by the tax authorities. In other words, the financial year is when financial transactions occur, and the assessment year is when the tax on those transactions is calculated and paid.
Add your answer:
Earn +20 pts
What is assessie and assessment year with respect to taxetion?
In taxation, assessie refers to the person or entity that is subject to assessment by the tax authorities. The assessment year is the year in which income is assessed for tax purposes, usually the year following the financial year in which the income was earned.
What is thedifference between formative and summative assessment?
Formative assessment is used throughout the learning process to provide feedback and guide instruction, while summative assessment is used at the end of a learning period to evaluate student learning. Formative assessments are typically informal and low-stakes, while summative assessments are formal and high-stakes.
What are the difference between normal school and year round school?
Normal schools typically follow a traditional nine-month academic calendar with summers off, while year-round schools have shorter breaks throughout the year and a more balanced distribution of instructional days. Year-round schools aim to reduce learning loss, provide more opportunities for enrichment, and allow for more flexible scheduling options for students and teachers.
What are the assessment practices in education?
Assessment practices in education typically involve evaluating students' learning progress, understanding, and skills. This can include formative assessments (ongoing feedback to improve learning), summative assessments (end-of-unit or end-of-year evaluations), and diagnostic assessments (identifying strengths and weaknesses). Assessments can be conducted through quizzes, tests, projects, presentations, observations, and more to ensure a comprehensive understanding of student learning.
How do you get the money for school year round?
To get money for school year-round, you can apply for scholarships, grants, and financial aid. Consider part-time jobs, internships, or work-study programs to supplement your income. Additionally, budgeting, saving, and looking for additional sources of income can help cover expenses.
What is the difference between financial year and accounting year?
They are the same; in the financial year we earned income.
What is assessie and assessment year with respect to taxetion?
In taxation, assessie refers to the person or entity that is subject to assessment by the tax authorities. The assessment year is the year in which income is assessed for tax purposes, usually the year following the financial year in which the income was earned.
How many weeks are in a financial year?
52 ... The difference between this and a standard year is that a financial year can start on any date so long as it continues for 52 consecutive weeks thereafter.
What is the difference between dividend paid at the end of the financial year and interim dividend?
final dividend is paid after close of financial year.interim dividends are paid during financial year depending upon company financial health & policies.
What is the major difference between finance and accounting?
The major difference between finance and accounting is that, accounting is general, deals with all economic facts that occur throughout the financial year, financial is specific deals only with finances
What is the Difference between budget and actual expenditure?
Budget is the projected financial estimate in a given year, whilst expenditures are the actual expenses incured in carrying out the budget.
What is difference between final and proposed dividend?
Proposed dividend refers to the amount expected to be paid to shareholders. Final dividend is the official dividend paid to shareholders at the end of a financial year.
What is the difference between grade 11 and grade 12?
A year and a year of maturity. The difference in a year of growing up is huge.
What is the difference between leap year and no leap year?
1 day :)
The Financial year of RBI extends between?
1-july to 30-june
Best judgment assessment and its types?
Total income of the assessee which would be chargable to tax for the assessment year immeditely following the financial year.Advance tax shall be payable in every case were the amount of such tax payable under the provision of the act is Rs 5000 or more .
Income Tax slab for assessment year 09-10?
income limit for assessment year 2009-10
