From an income tax point of view, Financial Year is the year in which you earn an income. Assessment Year is the year following the financial year in which you have to evaluate the previous year’s income and pay taxes on it.
A Financial Year (FY) is the period between 1 April and 31 March – the year in which you earn an income. 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.
Difference between financial year and assesment year?Most popular topics Topics with no replies
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