Page Contents
The financial year that ended just before the assessment year is referred to as the previous year. It is the year that expenses are incurred and money is earned. The year that the tax authorities evaluate and impose taxes on the income received in the preceding year is known as the assessment year.
The systematic presentation of all gains, exemptions, rebates, reliefs, deductions, and the computation of taxes in relation to tax calculation is known as income computation. While there isn’t a set structure for this, the following factors are typically taken into account when calculating revenue.
Normally, any income received in the previous year is assessed or subject to tax in the assessment year that follows. The income is taxed in the year that it is earned, though, under the following situations.
TDS on Purchase of Property from an NRI: PAN-Based Compliance Replaces TAN from 1 October 2026 The Government has significantly… Read More
RBI Relaxes FEMA Export-Import Reporting for Service Exporters and Importers Reserve Bank of India (RBI) has simplified FEMA compliance requirements… Read More
Complete Guide to Limited Liability Partnership A Limited Liability Partnership is a hybrid business structure that combines the operational flexibility… Read More
ROC Provisions Relating to Directors under the Companies Act, 2013 The provisions relating to directors under the Companies Act, 2013… Read More
New GST Registration Guidelines from 1 November 2026 As per New GST Registration Guidelines from 1st Nov 2026 - As per Circular-No-257-03-2026… Read More
CSR Policy: Activities under Schedule VII and CSR Implementation through Eligible Agencies The framework of Corporate Social Responsibility (CSR) under… Read More