MANAGEMENT

Detailed explanation-1: -For instance, if your current financial year is 2019-20, the assessment year will be assessment year 2020-21. Note: As per the Indian laws, both financial year and assessment year in income tax starts on 1st April and ends on 31st March.

Detailed explanation-2: -Income earned in Financial Year 2019-20 (i.e. from 1st April 2019 to 31st March 2020) will become taxable in Assessment Year 2020-21 (i.e. from 1st April 2020 to 31st March 2021).

Detailed explanation-3: -The Assessment Year for the income earned during this period will start after the end of the financial year, that is, the 1st of April 2022 to the 31st of March 2023. This means the Assessment Year for FY 2021-22 will be AY 2022-23.

Detailed explanation-4: -After logging into the ITR e-filing account, one must click “filing of the income tax return” on the dashboard. Then select the assessment year (AY) for which the taxpayer has to file ITR. After which choose the ITR form.