Know the difference between FY and AY under Income Tax Act
FY is the year in which you earn income and AY is the year in which you pay tax on earned income
A New Route of Tax Knowledge
Meaning of Income Tax Terms
FY is the year in which you earn income and AY is the year in which you pay tax on earned income
Gross Total Income is calculated by adding the income of all of the five heads and to arrive at the total income you must subtract from it the deduction under chapter VIA of the Income Tax Act 1961.
The Gross Total Income is the income you earn by adding all heads of Income e.g. from salary, capital gain, profession and business, house property and other sources income.
Sometimes a financial year is also called a fiscal year or sometimes a budget year. it also varies from country to country and also depends on the situation.
The basic difference between form 24Q and form 26Q is that Form 24Q is for salary return and Form 26Q is for non-salary return.
Form 16 and 16A both are vary in terms of purpose, eligibility, and where they are applicable
Form 24Q, Form 26Q, Form 27A, Form 16, and Form 16A.
The Income Tax Act, 1961 governs all the ITR forms and procedures to be followed. There are a total of 7 types of ITR forms that are used to file income tax returns.