Financial Year/Fiscal Year , Previous Year - Assessment Year -Calendar Year

 

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At times we get confused with simple terms like Financial Year, Previous Year, Assessment Year etc.

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Though we know what it means by Previous Year - in Income Tax Terms Previous Year  or Financial Year means "the year in which income is received, earned or accrued" -  the year prior to the Assessment Year.

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Assessment Year:

The same way when we talk about Assessment Year

Assessment Year in simple terms is  the year  when the income of previous year is taxed.  Let us say that abcs income in year 1st April 2013 to 31st March 2014 is assessed in the next year i.e. 1st April 2014 to 31st March 2015. 

To be more specific for Assessment Year 2014-15, the Previous Year would be 2013-14 (1.4.2013 to 31st March 2014) 

http://www.ngoportal.org/funding-agencies-275-eNorthEast+Award+2014.html

Financial Year/Fiscal Year:  Generally Financial Year starts from 1st April to 31st March.  A Financial Year is a twelve month period used for calculating Annual Financial Statements.

Calendar Year: is the period starting from January to December.

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