The assessment year is crucial as it is when the Income Tax Department assesses all the income and investment declarations made during the financial year. You should ensure that you make all your investment decisions after evaluating the financial year in which you earn; and the assessment year in which you would utilize them to save taxes. Your Assessment Year is the year right after the Financial Year ends when your income earned in the Financial Year is taxed and assessed.
Investing in Mutual Funds is one such option that considers the financial year you earn, and the assessment year based on this potential savings can be evaluated.
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