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Financial Year (FY) And Assessment Year (AY)

March 21, 2018 Leave a comment

wealthymatters The financial year is the period between 1 April and 31 March in which you earn an income. Assessment year is the following year in which this income is assessed and taxed.Income is earned in FY and taxes on that income is paid in AY.

Financial year (FY) in Hindi is called वित्तीय वर्ष and assessment year (AY) in Hindi is called निर्धारण वर्ष.

Both AY and FY begin on the 1st of April and end on the 31st of March.

Since income for any particular financial year is evaluated and taxed in the assessment year, income tax return forms have AY. Read more of this post

Filed under Tidbits Tagged with assessed, assessment year, financial year, Income, income tax, income tax filing, income tax return, ITR, postaday, taxed, taxpayers

Income Tax For Bloggers

December 29, 2016 Leave a comment

wealthymatters Income of bloggers engaged in the profession of blogging is through:
1.Advertisements
2.Affiliate Sales
3.Services like Blog Consultancy, Blog Designing, SEO Services, Content Services etc
4.Any other Source like Freelance income etc.

While computing the income on which tax is to be paid, the total of all incomes earned by a blogger is taken into account. However, Income Tax is not payable on the Total Revenue earned but is payable on the Total Income earned. Total Revenue is the Gross Amount received and Total Income is the amount earned after Depreciation and Payment of Expenses incurred for the purpose of earning the Revenue. Read more of this post