Question

income earned during what period is taxed​

Answer 1

Answer:

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Explanation:

The income earned during a year is taxable in the relevant year. The year in which income is earned is known as the previous year or tax year or financial year. From a tax perspective, the 12-month period subsequent to the tax year is known as the assessment year.

Answer 2

Answer:

The assessment year (AY) is the year that comes after the FY. This is the time in which the income earned during FY is assessed and taxed. Both FY and AY start on 1 April and end on 31 March. For instance, FY 2019-20 and AY 2020-21 are one and the same.