PensionBox Blogs
Financial Year and Assessment Year
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Vaishnavi Verma
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Blog Related Questions
What is a Financial Year (FY) and Assessment Year (AY)?Financial Year (FY) is the period in which you earn income, running from April 1st to March 31st the following year. Assessment Year (AY) is when the income earned in the financial year gets taxed, immediately succeeding the financial year.
How do Financial Year and Assessment Year differ?Financial Year (FY) is when income is earned, while Assessment Year (AY) is when income tax returns are filed. FY precedes AY, and the earned income is significant to be analysed for tax purposes in AY.
Why does an ITR form have an Assessment Year?An ITR form includes Assessment Year to ensure that income is taxed only after it's earned. Since circumstances change throughout the financial year, it's most important to have an Assessment Year to accurately assess and tax the income earned in the previous financial year.
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