1. Taxation for CA, CS, CMA Exams May - June 2019
  2. Income Tax
  3. Basics of Income Tax

Concept of Previous Year and Assessment Year:

Last updated at Aug. 6, 2019 by

Current Financial Year is 2019-20

  • It starts from 1 April 2019 till 31 March 2020
  • ITR Will be filed after end of the year
  • Since ITR is filed in next year,Financial Year 2019-20 is called Assessment Year 2020-21

 

Similarly

  • Last Financial Year was 2018-19
  • It started from 1 April 2018 till 31 March 2019
  • ITR to be filed after the end of year
  • Since ITR is filed in next year,Financial Year 2018-19 is called Assessment Year 2019-20

Hence in Income Tax,Current Financial Year is called Previous Year and Assessment Year is one year ahead

Financial Year (FY) or Previous Year Assessment Year
2019-20 AY 2020-21
2018-19 AY 2019-20
2017-18 AY 2018-19
2016-17 AY 2017-18
2015-16 AY 2016-17
2014-15 AY 2015-16
2013-14 AY 2014-15

 

 
 
 
  1. Taxation for CA, CS, CMA Exams May - June 2019
  2. Income Tax

    3. Basics of Income Tax

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Taxation for CA, CS, CMA Exams May - June 2019
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CA Maninder Singh is a Chartered Accountant for the past 10 years. He also provides Accounts Tax GST Training in Delhi and Pune.