Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > PY and AY
PY and AY Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on PY and AY Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What are PY and AY in taxation? |  |
Ans. PY stands for Previous Year, which refers to the financial year in which income is earned, while AY stands for Assessment Year, which is the year following the previous year in which the income is assessed and taxed.
| 2. How is income taxed in PY and AY? | |
Ans. In PY, income is earned and various deductions and exemptions are claimed. The total income is then calculated and taxed at the applicable tax rates. In AY, the income is assessed based on the returns filed for the previous year, and the tax liability is determined accordingly.
| 3. Can I claim deductions in both PY and AY for the same expenses? | |
Ans. No, deductions can only be claimed in the previous year (PY). In the assessment year (AY), the income is assessed based on the returns filed for the previous year, and the deductions claimed in PY are already considered while calculating the taxable income.
| 4. How do I determine the PY and AY for my income? | |
Ans. The previous year (PY) is the financial year in which the income is earned. For example, if you earned income between April 1, 2020, and March 31, 2021, the PY would be 2020-2021. The assessment year (AY) is the year following the PY. In this example, the AY would be 2021-2022.
| 5. What happens if I miss the deadline for filing returns for the PY? | |
Ans. If you miss the deadline for filing returns for the previous year (PY), you can still file a belated return within a certain time limit. However, you may be subject to penalties and interest on the tax payable. It is recommended to file the returns on time to avoid any additional charges.
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Nov 16, 2024 Last updated |
Video Description: PY and AY for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
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