What is immediate preceding financial year?
preceding financial year means the most recent financial year ending before the first day of the academic year in respect of which a person’s eligibility for a loan is being assessed and “current financial year” means the financial year which includes the first day of that academic year; Sample 1.
What does preceding fiscal year mean?
Preceding Fiscal Year means the Fiscal Year immediately preceding the Current Fiscal Year.
Which year immediately follows financial year?
The assessment year (AY) is the year that comes after the FY. This is the time in which the income earned during FY is assessed and taxed. Both FY and AY start on 1 April and end on 31 March. For instance, for FY 2020-21, the assessment year is AY 2021-22.
What is preceding financial year with example?
It’s 2019. So, apparently you can say that, we have done outstandingly well in the preceding year as that to 2019. It means the year which is immediately before the current year. e.g. Current year is 2018, preceding year is 2017.
What is difference between last year and preceding year?
Previous year is relevant financial year to assessment year. Preceding financial year or preceding previous year is one year prior to the financial year said above.
Does preceding mean before or after?
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.
Why do we follow fiscal year?
Most companies and other business entities too fall in line with the fiscal year of the government and tax department, as it ensures uniformity and aids easy comparison of data. In 2016-17, the NDA government mooted the idea of changing India’s accounting year to the calendar year — from January to December.
What is the difference between preceding year and previous year?
Preceding FY is last FY. Previous year is year before AY in income tax. PY is always dependent on the AY, you cannot know PY unless you know AY. But preceding FY is year before current ongoing FY.
What does next preceding year mean?
“Preceding” means “going before.” Id. at 1783, 78 N.E.2d 370. Under any reasonable interpretation, “a period of six years next preceding the election” means the six-year period that comes immediately prior to the election.
Does preceding mean next?
Preceding means next before. Preceding . , “Following” means next before and next after, respectively.
What does preceding 12 months mean?
preceding twelve months means the twelve months immediately preceding the date the allegedly proscribed act took place. Sample 2. Sample 3.