Question

UJ LYS
3) Mrs. Shreya has eamed her income during the financial year 2018-19.
Then her assessment year is​

Answer 1

Answer:

Step-by-step explanation:

Mrs. Shreya has earned her income during the financial year 2018-19.

So the assessment  year of her income will be 2019 - 2020. Financial year is the 1 April to 31 march in which person earned. The assessment year (AY) is the year that comes after the Financial year . This is the time in which the income earned during Financial year is assessed and taxed.

Answer 2

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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