Question: What Is Financial Year And Assessment Year?

Is there change in financial year?

The government has not extended the current 2019-20 fiscal year and it will end as scheduled on March 31, the finance ministry said Monday..

What is the last date of ITR 2020 21?

November 30, 2020The government in a press conference dated May 13, 2020 announced that the income tax return (ITR) filing deadline for all the entities for the financial year 2019-20 has been extended to November 30, 2020 from the usual deadline of July 31, 2020.

What date is end of financial year 2019?

June 30June 30 – End of financial year.

What is current assessment year and financial year?

For instance, if your financial year is from 1 April 2019 to 31 March 2020, then it is known as FY 2019-20. The assessment year for the money earned during this period would begin after the financial year ends – that is from 1 April 2020 to 31 March 2021. Hence, the assessment year would be AY 2020-21.

What is assessment year?

‘Year of Assessment’ (YA) refers to the year in which income tax is calculated and charged. The assessment is for the income earned in the preceding year, starting on 1 Jan and ending on 31 Dec. Example: For YA 2020, the assessment is for income earned from 1 Jan 2019 to 31 Dec 2019.

What is assessment income?

The Income Tax Department examines the return of income for its correctness. The process of examining the return of income by the Income-Tax department is called as “Assessment”. Assessment also includes re-assessment and best judgment assessment under section 144.

What date is the new financial year 2020?

31 October 2020 Deadline for lodging your tax return for the fiscal year 1 July 2019 – 30 June 2020.

What is India’s financial year 2020?

However, fiscal year 2019-20 will end on June 30, 2020 whereas the fiscal year 2020-21 will begin on July 1, 2020 but will end on March 31, 2021. Post this, all the accounting year will commence on April 1 every year. The central bank has been following July-June as its accounting year for the past eight decades.

What does fiscal year mean?

A fiscal year is a one-year period that companies and governments use for financial reporting and budgeting. A fiscal year is most commonly used for accounting purposes to prepare financial statements. … For example, universities often begin and end their fiscal years according to the school year.

Can financial year exceed 12 months?

The financial year of a company is usually of 12 months but the same may not be true all the time. (iii) The maximum period of financial year can be fifteen months. … Â However, with the permission of the ROC it can be extended upto eighteen months.

Is accounting year and financial year same?

The terms “fiscal year” and “financial year” are synonymous. They both refer to an accounting period of 12 consecutive months.

What is the current financial year?

This period of accounting income is called the financial year or a fiscal year. So, the period from April 1, 2020 to March 31, 2021 will be called the Financial Year 2020-21 or FY 20-21. This period varies from country to country.

Can we file ITR for assessment year 2020 21?

The due date for filing income tax return for assessment year 2020-21 has been extended till December 31. The Finance Ministry has granted an additional month to complete the process. Earlier, it was postponed from July 31, the annual due date for filing returns, to November 30 due to the Covid-19 pandemic.

What is the rebate for AY 2020 21?

From the AY 2020-21 rebate u/s 87A (only for Individual) is available only if the Net Total Income < Rs. 5,00,000/-. The quantum of maximum rebate will be Rs. 12500/-....Income tax slabs.Taxable incomeTax RateRs. 2,50,000 to Rs. 5,00,0005%Rs. 5,00,000 to Rs. 10,00,00020%Above Rs. 10,00,00030%1 more row•Aug 10, 2020

What is difference between fiscal year and financial year?

A company’s fiscal year is its financial year; it is any 12-month period that the company uses for accounting purposes. The fiscal year is expressed by stating the year-end date. A fiscal year-end is usually the end of any quarter, such as March 31, June 30, September 30, or December 31.

What are the types of residential status?

There are the following categories which classified the residential status of an individual.Resident (ROR)Resident but Not Ordinarily Resident (RNOR)Non Resident (NR)

How do you calculate assessable income?

What is Assessable Income (AI)? Your AI includes all forms of income from trade, business, profession or vocation, employment, as well as rental income that is taxable. Your AI can be found on your tax bill (or Notice of Assessment) that you receive each year if you are required to pay taxes.

What is the income tax slab for AY 2020 21?

INCOME SLAB AND TAX RATES FOR F.Y. 2020-21/A.Y 2021-22Taxable incomeTax Rate (Existing Scheme)Tax Rate (New Scheme)Rs. 7,50,001 to Rs. 10,00,00020%15%Rs. 10,00,001 to Rs. 12,50,00030%20%Rs. 12,50,001 to Rs. 15,00,00030%25%Above Rs. 15,00,00030%30%3 more rows