Sign Up to our social questions and Answers Engine to ask questions, answer people’s questions, and connect with other people.
Login to our social questions & Answers Engine to ask questions answer people’s questions & connect with other people.
Lost your password? Please enter your email address. You will receive a link and will create a new password via email.
Please briefly explain why you feel this question should be reported.
Please briefly explain why you feel this answer should be reported.
Please briefly explain why you feel this user should be reported.
Questions | Answers | Discussions | Knowledge sharing | Communities & more.
In Indian income tax, a financial year (FY) refers to the period from April 1st to March 31st of the following calendar year during which income is earned and assessed for tax purposes. An assessment year (AY), on the other hand, refers to the year immediately following the financial year in which the income is assessed and taxed. For example, income earned during FY 2023-24 is assessed and taxed in AY 2024-25. The financial year is also referred to as the previous year in income tax terminology.