948 (Income tax) Dont fill wrong assessment year in challan 280 while paying advance tax. Narration - By Amlan Dutta Video Link - https://youtube/watch?v=qxwnefW-590 Please understand the concept of previous year and assessment year , The year in which the income is derived , savings made , taxes paid is called the previous year The year in which such details are declared in a return and is assessed by the assessing officer is called the assessment year While paying the advance tax , there is no column for previous year and only assessment year finds presence Many tax payers get confused and feel that assessment year is the same year as the year in which income has been derived Accordingly they fill likewise i.e if they are paying tax for 2014 15, then fill assessment year as 2014 15 which is wrong The taxes paid for the year 2014 15 will get assessed by the assessing officer in the year 2015 16 , and so this needs to be carefully filled If taxpayer fills assessment year 2014 15 , it means taxes paid for previous year 2013 14 ... So , dont do a mistake here and understand the concept Jai Hind - I did my studies so that i can help others !
Posted on: Sat, 13 Sep 2014 17:07:40 +0000
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