Quick Answer: What Is A Preceding Year?

What date is end of financial year 2020?

June 30June 30 – End of financial year..

What is India’s financial year 2020?

The 2020 tax year is the assessment year 2020-21 and previous year 2019-2020 in India. A financial year (FY) is the period between 1st April to 31st March, the year in which a taxpayer earns his income. This income is subject to tax in the assessment year. An assessment year starts just after the financial year.

What does preceding mean in law?

The right of being first placed in a certain order, the first rank being supposed the most honorable. 2. In this country no precedence is given by law to men. 3. … A Law Dictionary, Adapted to the Constitution and Laws of the United States.

What is the difference between previous year and financial year?

“Previous Year” is defined in Section 3 of the Income-tax Act, 1961 to mean the financial year immediately preceding the assessment year. Previous Year is same as Financial Year. The previous year is used in tax terminology whereas a financial year is used in other economic matters.

What is the meaning of preceding?

preceding, antecedent, foregoing, previous, prior, former, anterior mean being before. preceding usually implies being immediately before in time or in place. the preceding sentence antecedent applies to order in time and may suggest a causal relation.

How do you use the word preceding?

It had happened during the preceding year.The author anticipated the question in a preceding chapter.Repeat the exercises described in the preceding section.Industrial orders had already fallen in the preceding months.See the preceding chapter.More items…•Jan 15, 2017

Does proceeding mean after?

intransitive verb. 1 : to come forth from a source : issue strange sounds proceeded from the room. 2a : to continue after a pause or interruption. b : to go on in an orderly regulated way. 3a : to begin and carry on an action, process, or movement.

What is the difference between preceding and succeeding?

The difference between Preceding and Succeeding When used as adjectives, preceding means occurring before or in front of something else, in time, place, rank or sequence, whereas succeeding means following, next in order.

What are the five heads of income?

Heads of Income TaxIncome from salary.Income from house property.Income from profits and gain of business or profession.Income from capital gains.Income from other sources.Nov 20, 2020

What does next preceding day mean?

(the day) before / immediately preceding.

Are you filing return of income under seventh?

2) Act, 2019 has inserted a new seventh proviso to section 139(1) of the Income Tax Act, 1961 (‘the IT Act’) w.e.f. 01-04-2020 to provide for mandatory filing of ITR for those people who have certain high-value transactions even though that person is otherwise not required to file a return of income due to the fact …

How do you spell preceding or preceeding?

The word listed above (preceding) is probably the correct spelling for the word that you entered (preceeding). This is just an educated guess based on commonly misspelled words.

What is a preceding noun?

precedent. An act in the past which may be used as an example to help decide the outcome of similar instances in the future. (law) A decided case which is cited or used as an example to justify a judgment in a subsequent case.

What does preceding 2 years mean?

“TWO YEARS IMMEDIATELY PRECEDING THE DATE” means: measuring BEFORE the specified date; the time of two years. “immediately” gives the definition of =DIRECTLY BEFORE.

Is preceding before or after?

As an adjective, preceding is always used before a noun, as in the preceding chapter. Preceding can also be used as the continuous tense (-ing form) of the verb precede, which means to come before. In most cases, the opposite of preceding is following, meaning coming after.

What is the current previous year?

As per the Income Tax law the income earned in current year is taxable in the next year. The year in which income is earned is known as the previous year. In layman language the current financial year is known as the previous year.

Can financial year exceed 12 months?

20 April 2015 No, you do not need to file any form for a financial year exceeding 12 months. … 20 April 2015 Thanks for the reply sir ! But as per Income Tax Act,a company has to file Income Tax Return even though no income tax liability is there.

What do you call something that comes before?

An antecedent is a thing that comes before something else.

What is a preceding sentence?

Something is preceding if it comes directly before. The preceding sentence is not so much a definition of the word preceding as a description of it. To cede is to give way, so when you use preceding to describe, say, a person, you’re essentially describing him as the one that just gave way. Previous is a good synonyms.

What’s previous?

Previous means the one that just came before. For instance, the previous sentence explained the meaning of the word previous. With previous, you first see that the prefix pre meaning “before.” The second part of the word, vius, — think via — means “road,” so you’re talking about the road, or thing, before.

What is the preceding year of 2020?

Some examples of Assessment Year and Financial Year or Previous YearPeriodFinancial YearAssessment Year1 April 2018 to 31st March 20192018-192019-201 April 2019 to 31st March 20202019-202020-211 April 2020 to 31st March 20212020-212021-22Apr 28, 2020

What does preceding 12 months mean?

It means 12 months from date of contract ending. I.e. from when your contract of employment terminates. So, anyone who works or has worked for them in the year preceding that event.

What is opposite of preceding?

Antonyms: after, concluding, consequent, following, hind, hinder, hindmost, later, latter, posterior, subsequent, succeeding. Synonyms: antecedent, anterior, earlier, foregoing, former, forward, front, introductory, precedent, preliminary, previous, prior.

What is meant by preceding number?

prĭ-sē’dĭng. Filters. Preceding is the act of coming before or being ahead of. An example of preceding is the number one coming before the number two.

What is the financial year now?

For instance, if your financial year is from 1 April 2019 to 31 March 2020, then it is known as FY 2019-20. The assessment year for the money earned during this period would begin after the financial year ends – that is from 1 April 2020 to 31 March 2021. Hence, the assessment year would be AY 2020-21.

What is another word for preceding?

Some common synonyms of preceding are antecedent, anterior, foregoing, former, previous, and prior. While all these words mean “being before,” preceding usually implies being immediately before in time or in place.