INCOME TAX CALCULATOR-2020-21 BY Vinodpatel talod gam – STD10.NET

INCOME TAX CALCULATOR-2020-21 BY Vinodpatel talod gam

INCOME TAX CALCULATOR-2020-21 BY Vinodpatel talod gam :Assessment Year in Hindi means Assessment Year or Assessment Year. It starts immediately after the completion of the financial year (from the next date). The assessment of how much you have earned during the financial year, and how much tax is made on it, is only after the completion of the financial year.

INCOME TAX CALCULATOR-2020-21 BY Vinodpatel talod gam
INCOME TAX CALCULATOR-2020-21 BY Vinodpatel talod gam

What kind of change has happened in your income, or sources of income. There has been some increase in your expenses or investment. Final assessment of these is possible only after the financial year has passed. That is why the Income Tax Department has named the Assessment Year after the one year period immediately after the Financial Year. It is abbreviated AY.

In the assessment year itself, you have to settle the remaining tax liability (in the form of Self Assessment Tax). Only after this, a return has to be filed, in which you have to give details of your earnings and tax payments. According to the new rules of income tax return, now you cannot fill the returns after the assessment year. That is, if we do not fill the returns within one year of the end of the financial year, it will not be allowed to fill it further.

Note 1: Assessment Year may be a full year, but the last date for filing returns is till 31st July. After this, if you file a return, it is called Late Return. Penalty is also imposed on filling late return.

Note 2: The Tax Rules and Tax Slab Rates for an Assessment Year will remain the same as they were for the Financial Year. Because the assessment year calculations are related to the financial year itself.

Examples of FY and Assessment Year
Examples of Financial Year And Assessment Year
The assessment year for the financial year 2018-19 will be 2019-20. Similarly, the assessment year for the financial year 2019-20 will be 2020-21. You can understand it more clearly from the table given below-

India has been ruled by the British for a long time, who came from Britain. The financial year in the UK runs from 1 April to 31 March. Even after the independence of India, many rules and methods made by them remained in force. The tradition of the financial year was also maintained as it was.
The beginning of the new year in the Hindu calendar also begins with Navratri in the month of Chaitra. It also occurs in late March or early April. This tradition also strengthens the basis of maintaining the first month of the new fiscal year in April..

INCOME TAX CALCULATOR-2020-21 BY Vinodpatel talod gam

ઇન્કમટેક્ષ પત્રક નાણાકીય વર્ષ – 2020/21

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In many countries the financial year period is also different. It has been fixed in harmony with the weather and election system there. For example, in the US, the fiscal year is from 1 October to 30 September. The fiscal year of Australia is from 1 July to 30 June.
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so friends! This was the difference and other related information about the Financial Year (FY) and Assessment Year. To understand other facts and procedures related to Income Tax and Return, you can take help of the following articles on our website-

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