Assessment year

POSTED BY Arup Kr. Dey ON April 5, 2013 6:49 pm COMMENTS (4)

Any body Please help me what will be the assessment year in column 4 of part-1 in new form 15G? Mean submitting the form in the month of april 2013, it will be the declaration for 2013-2014 ? then I am totally confused about assessment year.

In ITNS 281 cahllan when I make payment of TDS for 1-1-13 to 31-3-13 then what will be the assessment year in ITNS 281?

 

4 replies on this article “Assessment year”

  1. Dear Arup, the plain answer for you, always add one in the FY you are transacting in to get the applicable AY. In your first query, the transaction FY for form 15G is 2013-2014, hence +1 = 2014-2015. Hence your applicable AY = 2014-2015.

    For 2nd query, again your transaction FY was 2012-2013, addition of 1 means applicable AY = 2013-2014.

    As simple as that. Hope this rule of +1 addition you ‘ll remember always.

    Thanks

    Ashal

    1. Arup Dey says:

      Thanks ashal.

  2. Ramprakash says:

    Hi Arup

    Answer to your 2nd Question: 1-1-13 to 31-3-13 is Quarter 4 of FY 2012-2013. So the AY is 2013-14 in Challan no. 281.

    As for your 1st question, I could not understand your query. If you are submitting form 15G to avoid TDS on income earned during FY 2013-2014 (i.e., between 1st April 2013 and 31st March 2014), then AY will be 2014-2015.

    1. Arup Dey says:

      Thanks Ramprakash..

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