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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

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 10 years. He also provides Accounts Tax GST Training in Delhi and Pune.