I am a B.COM student. I need a more notes on following points.
1) Assessment year & Previous year
2) Expenses dissaloowed from Business income
3) Recent amendment made in rules.
4) Effect from recent amendment in MVAT act & rules
Ass Yr & Prvs Yr are the Terms, used in the Income Tax Act. Prvs Yr means for the Yr, which the Particular relates & Ass Yr is run in 1 Yr advance, i.e. in which the Return is to be filed. (For the Return of the Financial Yr 2006-07, Previous Yr is 2006-07 & the Ass Yr is 2007-08).
As per the IT Act/Rules, Some Exp are not allowed or partly disallowed, while calculating the Business Income as per the IT Act. i.e. Cash Payment over Rs. 20,000, Transaction in Loan/Deposit, Personal Nature, Capital Nature, etc. etc. Detail of the same are not possible here.
Your Q3 is not clear, i.e. in which rules?
Sorry for your Q4, As I am outsider of this state, hence don't want to mention, perhaps there may be some misguidance etc. (VAT Matters are subject of State, hence Rules may be very from State to state.