Mrs. Shreya has earned her income during the financial year 2018-19 Then her assessment year is ______
Answers
Given : Mrs shreya has earned her income during the financial year 2018-19.
To Find : her assessment year
Solution:
Financial year the year in which transactions are being done.
For a salaried employee , Financial year is the year in which he has earned income.
Assessment Year is the year in which person will return his file for his earning with taxes if any dues.
So for Financial Year 2018 - 19 , return will be filled in next year 2019-20
Hence Assessment year will be 2019 - 20
Financial Year FY 2018-19
Assessment Year AY 2019-20
In India Year for financial transactions is : is from 1st April to 31st March
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