Previous Year Vs Assessment Year, Difference between Previous Year and Assessment Year

Previous Year Vs Assessment Year

Previous Year (PY) Assessment Year (AY)
Year in which “income earned”

(जिस साल में पैसा कमाया जाता है)

Year following the Previous Year

(Previous Year के ठीक बाद वाला साल)

Year for which “Tax is being calculated”

(जिस साल “का ” Tax हम Calculate करते है)

Year in which tax is assessed/taxed.

(जिस साल “में” हम टैक्स का Assessment (आँकलन/निर्धारण करते है)

For PY 2020-21, AY is 2021-22

(PY 2020-21 के लिये AY,  2021-22 होगा)

For AY 2021-22, PY is 2020-21

(AY 2021-22 के लिये PY, 2020-21 होगा)

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