What is Previous Year and Assessment Year

Last updated at April 16, 2024 by

Previous and assessment yr.jpg

Previous and assessment yr 2.jpg

 

 

Go Ad-free

Transcript

What is Previous Year? Financial year for which ITR is filed What is Assessment Year? Year we file Income Tax Return. We file it Next Year ITR for We file in 2018 19 2019 20 2019 20 2020 21 This is called Previous Year or Financial Year This is called Assessment Year When do we Pay Income Tax Financial Year 2019 20 From 1 April 2019 to 31 st March 2020 1 April 2019 Salary or Small Business Audit Business This is called Previous Year 2019 20 This is called Assessment Year 2020 21 31 March 2020 ITR Due date is 31 July 2020 Or 30 Sep 2020 31 Oct 2020

CA Maninder Singh's photo - Co-founder, Teachoo

Made by

CA Maninder Singh

CA Maninder Singh is a Chartered Accountant for the past 14 years. He also provides Accounts Tax GST Training in Delhi, Kerala and online.