#Taxation

3.1 Financial Year vs Assessment Year

• Financial Year (FY)
  • The period between 1 April and 31 March – the accounting year in which you earn an income
• Assessment year (AY)
  • The year that comes after the FY
  • The time in which the income earned during FY is assessed and taxed

Business Entities

• Sole Proprietorship
• Partnership Firm
• Private Limited (Pvt. Ltd.)
• Limited Liability Partnership (LLP)
• One Person Company (OPC)

Tax Planning

• Tax planning for Salaried person has been already discussed
• Taxable Income = Salary - Exemption - Deduction
• read here

Below will check tax planning for Professions and Business