Income is taxable on the net income that is earned during the previous year (PY). It is assessed in the immediately succeeding financial year which is known as assessment year (AY).
All taxpayers are required to follow a uniform Previous Year.
As per present tax laws, Assessment Year means the period 12 months commencing on the first day of April. That means it’s the period starting from 1st April to 31st March.
Previous Year means the financial year immediately preceding the Assessment Year.
Your income generated from the 1st of April 2023 to 31st March 2024 will be assessed to tax in the period that starts from 1st of April 2024 to 31st March 2025.
In this case, the period that starts from 1st of April 2023 to 31st march 2024 is called the Previous Year 2023-24 and the period that starts from 1st April 2024 to 31st march 2025 is called the Assessment Year 2024-25.
Sir,
In April,2015 I will submit Form-15G to the bank to avoid TDS. In the ”Declaration / Verification” which year to be mentioned in” for the previous year ending on …. relevant to the Assessment year …. will be nil. I/we also,declare … previous year ending on …. assessment year …..will not exceed … incometax.”
Please read this article https://www.yourfinancebook.com/form-15g-15h-bank-interest-tds/
1. I got interest on ppf credited on 31 March 2013, So i will declare it in ITR of Assessment year 2013-2014, given the fact that Previous year in which this interest was credited is 2012-2013(1 April 2012-31March 2013) ??
2. I got interest on saving account credited in my Account on 30 June 2012 and 31 Dec 2012. So i will declare it in AY 2013-2014 ?
I am filing a revise return. Kindly help
Interest on PPF is exempted from tax… what you are exactly doing… are you declaring it as exempted income in tax computation statement?
Interest on saving account received from 1st april to 31st march will be charged to tax.
Why you want to revise your IT return?