966 (Income tax) Does Previous year 2013 14 mean Assessment year 2014 15 ? Video Link - https://youtube/watch?v=QZmGWPtcrBI Narration - By Amlan Dutta. Method used - Harvard Case Model. The most important thing to understand here is first that everything boils down to understanding what a financial year is In india , other than RBI , every other company and person will have to maintain accounts between April 1 lasting to March 31st Now , the financial year in which income is derived is called a previous year . The Year in which the income earned during the previous year and taxes paid on it are submitted for assessment is called assessment year . The assesment process itself may take more than 1-2 years , however understand why the assessment year is called so ! We explain this in depth and hopefully this tutorial helps make many things clear ! Peace , Amlan Dutta
Posted on: Thu, 18 Sep 2014 18:28:10 +0000