March 31st 2015 will be the end of yet another fiscal year.
Fiscal year and financial year are synonymous.
Assessment year is the year in which you pay taxes; hereas financial year is the year for which you owe taxes. Example assessment year 2015-2016 means you are paying taxes for financial year 2014-2015. Earned income or unearned income generated from 1st April 2014 to 31st March 2015 will be taxed in assessment year 2015-2016 and the deadline to file is 31st July 2015.
Here is the link to the income tax calculator released by the IT website
http://www.incometaxindia.gov.in/Pages/tools/income-tax-calculator.aspx
Let us pay our dues so that our dreams of having a Swach and Sachcha Bharat come true!
Fiscal year and financial year are synonymous.
Assessment year is the year in which you pay taxes; hereas financial year is the year for which you owe taxes. Example assessment year 2015-2016 means you are paying taxes for financial year 2014-2015. Earned income or unearned income generated from 1st April 2014 to 31st March 2015 will be taxed in assessment year 2015-2016 and the deadline to file is 31st July 2015.
Here is the link to the income tax calculator released by the IT website
http://www.incometaxindia.gov.in/Pages/tools/income-tax-calculator.aspx
Let us pay our dues so that our dreams of having a Swach and Sachcha Bharat come true!
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