ASSESSMENT YEAR AND PREVIOUS YEAR
ASSESSMENT YEAR
Assessment year means the period of 12 months commencing on the 1st day of April every year. It is the year (just after the previous year) in which income earned in the previous year is charged to tax. E.g., A.Y.2019-20 is a year, which commences on April 1, 2019 and ends on March 31, 2020. Income of an assessee earned in the previous year 2018-2019 is assessed in the A.Y. 2019-20
PREVIOUS YEAR
Previous
Year means the financial year immediately preceding the Assessment Year. Income earned
in a year is assessed
in the next
year. The year in which
income is earned
is known as Previous Year
and the next year in which income
is assessed is known
as Assessment Year.
It is mandatory for all assessee to follow financial year (from 1st
April to 31st
March) as previous
year for Income-Tax purpose.
Exceptions to the general rule that income of a Previous Year is taxed in its Assessment Year:-
This
is the general rule that
income of the previous year of an assessee is charged to tax in the immediately following assessment year. However, in the following cases, income of the previous
year is assessed in the same
year in order
to ensure smooth
collection of income
tax from the taxpayer who may not be traceable, if assessment is postponed till the
commencement of the Assessment Year:
1.
Income of a non-resident assessee from shipping business (Sec. 172)
2.
Income of a person
who is leaving India either
permanently or for
a long period
(Sec. 174)
3.
Income of bodies, formed
for a short duration (Sec. 174A)
4.
Income of a person
who is likely to transfer property to avoid
tax (Sec. 175)
5. Income of a discontinued business (Sec. 176). In this case, the Assessing Officer has the discretionary power i.e. he may assess the income in the same previous year or may wait till the Assessment year.
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#ASSESSMENTYEARANDPREVIOUSYEAR
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