please verify for me if i have this right: today is april 7, 2011-and i have to file itr-2.
are we now filing the form 'assessment year 2010-11'?
i understand that to be reporting income etc from april 1, 2009 through march 31, 2010.
financial year and assessment year
financial year and assessment year
Financial year (FY) is the year one earns the income.
Assessment year (AY) starts when the FY ends.
So one earns FY 10-11 (ended 31st March 2011) and after filing this income will be assessed in the AY 11-12.
So earnings between april 1, 2009 through march 31, 2010 are of FY 9-10 and the assessment year is AY10-11.
What you have stated is correct, but if you are filing as an individual, you are late. Should have filed before Sept 30, 2010 unless there are some requirements for audit, etc. But I suspect you are still late.
If no tax is due (i.e. paid through TDS and advance tax) then you would probably escape any serious penalty.
__________________________________________________
Make peace with your past so that it won't screw up the present.
Assessment year (AY) starts when the FY ends.
So one earns FY 10-11 (ended 31st March 2011) and after filing this income will be assessed in the AY 11-12.
So earnings between april 1, 2009 through march 31, 2010 are of FY 9-10 and the assessment year is AY10-11.
What you have stated is correct, but if you are filing as an individual, you are late. Should have filed before Sept 30, 2010 unless there are some requirements for audit, etc. But I suspect you are still late.
If no tax is due (i.e. paid through TDS and advance tax) then you would probably escape any serious penalty.
__________________________________________________
Make peace with your past so that it won't screw up the present.
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FrankJScott
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FrankJScott
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