Assessment Year

Tax year, which will run from April 1-March 31, will be the period during which income is earned and reported

Union Budget Series: Key terms in the Budget

Financial year and assessment year. Financial year (FY) runs from April 1 to March 31 of the next year; assessment year (AY) is the year following the FY. Tax on income earned in an FY is paid during the AY.

Union Budget Series: Parliamentary process

It all begins with the finance minister‘s speech in the Lok Sabha. The Budget is then tabled in parliament. Discussions on the economy and broad Budget measures take place without voting. The parliament then breaks for a three-week recess. Parliamentary Standing Committees give reports on ministries‘ estimates or demands for grants.

Union Budget Series: Making of Budget

The exercise to make the Budget is a long-drawn one. It juggles political pressures, economy‘s priorities and utmost secrecy. Budget work begins in August with a circular to ministries and departments. They reply with details of funds they need.

Budget 2017: A video guide to some key terms used in the Budget speech

From "assessment year" to "tax deductions", here is an audio-visual clip that spells out the key terms that the Finance Minister will use in his Budget speech.

Voda's 5.6% stake sale in Airtel invites fresh tax notice

The revenue department is back in pursuit of Vodafone, and has served a fresh notice over non-filing of tax returns subsequent to divesting 5.6 percent stake in Bharti Airtel in 2007.

Separating the assessment and the financial year

For an individual, the financial year in which any income arises is the previous year as far as the tax workings are concerned. Assessment year is one year after the previous year

Salary earners upto Rs 5 lakh need to file I-T return: CBDT

Salaried persons earning upto Rs 5 lakh annually will have to file income tax returs, Central Board of Direct Taxes (CBDT) said on Monday.