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What is the difference between a financial year and an assessment year?

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What is the difference between a financial year and an assessment year?
posted Jun 15, 2017 by Tanmay

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DIFFERENCE BETWEEN A FINANCIAL YEAR AND AN ASSESSMENT YEAR:-
-Financial year is the year of which income is being assessed whereas assessment year is the year in which income of a financial year is assessed.
-For every financial year, assessment year is the year just previous to the year of assessment.
-Return of Income of a Financial year is required to be filed in its assessment year.
-Current Assessment year is 2015-16 so its Financial Year would be the previous year that is 2014-15.
-A Financial year and an assessment year both are in financial year that is 1st april to 31st March.

answer Jun 15, 2017 by Anurag Kashyap
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