Question: What Is Current Assessment Year?

What is the assessment year for financial year 2020 21?

For income tax purpose, while the FY 2020-21 has begun on April 1 and will end on March 31, 2021, the relevant assessment year (AY) will be AY 2021-22.

All income earned during the FY is assessed in the AY and income tax return for FY 2020-21 is accordingly filed in the AY 2021-22..

Can we file ITR for assessment year 2020 21?

The due date for filing income tax return for assessment year 2020-21 has been extended till December 31. The Finance Ministry has granted an additional month to complete the process. Earlier, it was postponed from July 31, the annual due date for filing returns, to November 30 due to the Covid-19 pandemic.

What are the types of residential status?

There are the following categories which classified the residential status of an individual.Resident (ROR)Resident but Not Ordinarily Resident (RNOR)Non Resident (NR)

What is the rebate for AY 2020 21?

From the AY 2020-21 rebate u/s 87A (only for Individual) is available only if the Net Total Income < Rs. 5,00,000/-. The quantum of maximum rebate will be Rs. 12500/-....Income tax slabs.Taxable incomeTax RateRs. 2,50,000 to Rs. 5,00,0005%Rs. 5,00,000 to Rs. 10,00,00020%Above Rs. 10,00,00030%1 more row•Aug 10, 2020

Why ITR refund is late this year 2020?

But there could be a couple of reasons for delay in receiving tax refund. … Two, tax refunds could be rejected due to simple mistakes like furnishing incorrect bank account details in the ITR form. So, check the bank account details you have mentioned in the ITR on the income tax portal.

What is an assessment year?

Assessment year: On the other hand, assessment year (AY) is the year following the financial year, in which your income is assessed. This also lasts from 1 April to 31 March and is the year in which you file your income tax returns for the taxes paid in the relevant financial year.

What is India’s financial year 2020?

Fiscal 2019-20 will end on June 30, 2020 while fiscal year 2020-21 will be beginning on July 1, 2020 but end on March 31, 2021. Thereafter, all fiscal year will begin on April 01 every year. For the time being, both the RBI and the Government adhere the ‘T plus one’ system.

Are you filing return of income under seventh?

The income tax forms for the AY2021 has been amended to take a declaration from the taxpayer to state that if he or she is filing the return under the seventh proviso to section 139(1) declaring his or her gross total income is below the threshold limit of ₹2.5 lakh in case of individual below 60 years of age, ₹3 lakh …

Who is a person under Income Tax Act?

An assessee is any individual who is liable to pay taxes to the government against any kind of income earned or any losses incurred by him for a particular assessment year. Each and every person who has been taxed in the previous years for income earned by him is treated as an Assessee under the Income Tax Act, 1961.

What is the MAT rate for AY 2020 21?

How to calculate MAT? MAT is equal to 18.5% (15% from AY 2020-21) of Book profits (Plus Surcharge and cess as applicable).

What is itr1 itr2 itr3 and ITR 4?

An Individual/HUF, having income as a partner of a partnership firm that is carrying out business/profession, does not need to file ITR-3. ITR 4 Sugam Form is for the taxpayers who have opted for the presumptive income scheme under Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act.

What is the current financial year?

This period of accounting income is called the financial year or a fiscal year. So, the period from April 1, 2020 to March 31, 2021 will be called the Financial Year 2020-21 or FY 20-21. This period varies from country to country.

What is the difference between previous year and assessment year?

Main Differences Between Previous Year and Assessment Year The previous year is the year for which the data of activity and income is collected and compiled whereas the assessment year is the year in which Income Tax is calculated and collected.

Can financial year exceed 12 months?

The financial year of a company is usually of 12 months but the same may not be true all the time. (iii) The maximum period of financial year can be fifteen months. … Â However, with the permission of the ROC it can be extended upto eighteen months.

Is there change in financial year?

The government has not extended the current 2019-20 fiscal year and it will end as scheduled on March 31, the finance ministry said Monday.

What is new slab rate of income tax?

RelatedTaxable income slabsIncome tax rates and cessUp to Rs 2.5 lakhNilRs 2,50,001 to Rs 5,00,0005% of (Total income minus Rs 2,50,000) + 4% cessRs 5,00,001 to Rs 10,00,000Rs 12,500 + 20% of (Total income minus Rs 5,00,000) + 4% cessRs 10,00,001 and aboveRs 1,12,500 + 30% of (Total income minus Rs 10,00,000) + 4% cess

What is difference between financial year and previous year?

“Previous Year” is defined in Section 3 of the Income-tax Act, 1961 to mean the financial year immediately preceding the assessment year. Previous Year is same as Financial Year. The previous year is used in tax terminology whereas a financial year is used in other economic matters.

What is the last date of ITR 2020 21?

December 31, 2020Yesterday, the Finance Ministry notified that the income tax department has again postponed the ITR filing due dates for AY 2020-21 (FY 2019-20) from November 30 to December 31, 2020, for tax individual’s taxpayers.