Concept of Previous Year (PY), Assessment Year (AY) and Financial Year (FY)

Assessment Year (AY), Financial Year (FY), and Previous Year (PY) are the terms which we have heard a lot specially during the day when Income Tax Return is to be filed. People from non-finance background find it difficult to understand these terms. But this post will be helpful for them. Before going directly to these…

Residential status under Income Tax Act, 1961 – Other than Individual and HUF

Residential status of assessee other than an Individual & HUF In case of an assessee, other than an individual and HUF, the residential status depends upon the place from which its affairs are controlled and managed. These assessees can only be either resident or non-resident. There is no concept of ordinarily resident in case of…