Income Tax 2024-25 II Previous Year and Exception скачать в хорошем качестве

Income Tax 2024-25 II Previous Year and Exception

Join this channel to get access to perks:    / @nitingoel   Book Link which we will refer during our studies https://amzn.to/3WMYuDK The "Previous Year" (PY) in income tax terminology refers to the financial year immediately preceding the current assessment year in which income is earned and subject to tax. Here’s a detailed explanation: 1. Financial Year (FY): The Financial Year is the year in which an individual or entity earns income. It runs from April 1st of one year to March 31st of the following year. For example, if income is earned between April 1, 2023, and March 31, 2024, this period is the Financial Year 2023-24. 2. Previous Year (PY): The term "Previous Year" is synonymous with the Financial Year. It is the year in which income is actually earned. For example, for the Assessment Year 2024-25, the Previous Year is 2023-24. 3. Assessment Year (AY): The Assessment Year is the year following the Previous Year in which income is assessed and taxed. It also runs from April 1st to March 31st. For example, for the income earned in the Previous Year 2023-24, the Assessment Year is 2024-25. 4. Importance of the Previous Year: The income earned during the Previous Year is assessed and taxed in the immediately following Assessment Year. For tax purposes, all deductions, exemptions, and rebates are applied to the income of the Previous Year during the Assessment Year. 5. Exceptions: In certain cases, the income is taxed in the same year it is earned, such as in the case of non-residents leaving the country permanently, or a discontinued business. Example: If you earned income between April 1, 2023, and March 31, 2024, that period is your Previous Year. The tax on this income would be calculated and paid in the Assessment Year 2024-25. #PreviousYear #IncomeTax #FinancialYear #TaxExceptions #TaxRules #TaxLaw #IncomeTaxExceptions #TaxRegulations #TaxationRules #TaxPlanning #TaxDeductions #TaxExemptions #Taxation #TaxFiling #TaxReturn #AssessmentYear #FiscalYear #PreviousYearTax #IncomeTaxExceptions #PreviousYearTaxReturn #TaxYearRules #TaxLawExceptions #FinancialYearTax #MoneyMatters #TaxSeason #Finance101 #BusinessTax #Accounting #MoneyTalks