What is the difference between assessment year and previous year in income tax?

Introduction : Income tax is a significant aspect of personal and business finances, and understanding its terminology is crucial. Two important terms in income tax are “assessment year” and “previous year.” In this blog post, we will explain the difference between assessment year and previous year, and their significance in income tax calculations. Previous Year : The previous year refers to the financial year in which income is earned or received. It is the year that comes right before the assessment year. For example, if you are calculating income tax for the year 2023-2024, the previous year would be 2022-2023. […]

How to download the self assessment income tax form ?

Introduction Filing income tax returns is a crucial responsibility of every taxpayer in India. The Income Tax Department has made it easy for taxpayers to file their returns by providing online facilities. One of the most important forms for filing income tax returns is the self-assessment form. In this blog, we will discuss how to download the self-assessment income tax form. Step 1: ┬áIncome Tax Department’s official website. To download the self-assessment income tax form, visit the official website of the Income Tax Department – www.incometaxindia.gov.in. Once you are on the website, click on the ‘Forms’ option located in the […]