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51.	Define Assessment Year?
Answer» Assessment YEAR is the period that starts from 1 April and ends on 31 march. It is the year immediately succeeding the financial year wherein the INCOME of the PREVIOUS financial year is assessed. Government use assessment year for CALCULATING tax on the previous year. For example : If the current assessment year is 2015-16, which starts from I April 2015 and ends on 31 March 2016. To this assessment year financial year is 2014-15, starting from I April 2014 and ends on 31 March 2015. You will be calculating income tax for financial year in the assessment year. Assessment year is the period that starts from 1 April and ends on 31 march. It is the year immediately succeeding the financial year wherein the income of the previous financial year is assessed. Government use assessment year for calculating tax on the previous year. For example : If the current assessment year is 2015-16, which starts from I April 2015 and ends on 31 March 2016. To this assessment year financial year is 2014-15, starting from I April 2014 and ends on 31 March 2015. You will be calculating income tax for financial year in the assessment year.

51.

Define Assessment Year?

Answer»

Assessment YEAR is the period that starts from 1 April and ends on 31 march. It is the year immediately succeeding the financial year wherein the INCOME of the PREVIOUS financial year is assessed. Government use assessment year for CALCULATING tax on the previous year.

For example : If the current assessment year is 2015-16, which starts from I April 2015 and ends on 31 March 2016. To this assessment year financial year is 2014-15, starting from I April 2014 and ends on 31 March 2015. You will be calculating income tax for financial year in the assessment year.

Assessment year is the period that starts from 1 April and ends on 31 march. It is the year immediately succeeding the financial year wherein the income of the previous financial year is assessed. Government use assessment year for calculating tax on the previous year.

Discussion

52.	What Is Income Tax? How Is It Calculated?
Answer» Income tax is an annual tax charged on income of a person by the government. It is charged for the corresponding assessment year at the rates LAID down by the Finance ACT for the assessment year in respect of the previous year. Income of the person is CATEGORIZED under the following five heads Salaries Income from house property Profits and gains of business or profession Capital gains Income from other sources. Income is calculated under these heads separately and accordingly tax is calculated using the income tax slab issued by the government every financial year. Income tax is an annual tax charged on income of a person by the government. It is charged for the corresponding assessment year at the rates laid down by the Finance Act for the assessment year in respect of the previous year. Income of the person is categorized under the following five heads Income is calculated under these heads separately and accordingly tax is calculated using the income tax slab issued by the government every financial year.

52.

What Is Income Tax? How Is It Calculated?

Answer»

Income tax is an annual tax charged on income of a person by the government. It is charged for the corresponding assessment year at the rates LAID down by the Finance ACT for the assessment year in respect of the previous year.

Income of the person is CATEGORIZED under the following five heads

Salaries
Income from house property
Profits and gains of business or profession
Capital gains
Income from other sources.

Income is calculated under these heads separately and accordingly tax is calculated using the income tax slab issued by the government every financial year.

Income tax is an annual tax charged on income of a person by the government. It is charged for the corresponding assessment year at the rates laid down by the Finance Act for the assessment year in respect of the previous year.

Income of the person is categorized under the following five heads

Income is calculated under these heads separately and accordingly tax is calculated using the income tax slab issued by the government every financial year.

Discussion