Previous Year and Assessment Year
Feb. 9, 2021, 11:27 a.m.
Previous Year is basically the year for which you pay the tax.It is a 12 month period that starts from 1st April to 31st March.It is also called as financial year or tax year.
Assessment Year is the year in which you file the return for previous year.
Example: For Your Previous Year Starting from 1st April 2020 to 31st March 2021 Assessment Year is AY 2021-2022
Previous Year is basically the year for which you pay the tax.It is a 12 month period that starts from 1st April to 31st March.It is also called as financial year or tax year.
Assessment Year is the year in which you file the return for previous year.
Example: For Your Previous Year Starting from 1st April 2020 to 31st March 2021 Assessment Year is AY 2021-2022