What is the difference between AY and FY?
AY means Assessment year and FY means financial year.
From an income tax perspective, Financial Year is the year in which you earn an income. Assessment Year (AY) is the year following the financial year in which you have to evaluate the previous year’s income and pay taxes on it.
For example, if your financial year is from 1 April 2015 to 31 March 2016, then it is known as FY2015-16. The assessment year for income earned during this period would begin after the financial year ends that is on 1 April 2016 till 31 March 2017. Hence, the assessment year would be AY2016-17.
Separate posts about Financial Year and Assessment year have been mentioned in this website, please click below to read:
What is Financial Year in terms of Income Tax rules in India?
How does Assessment year work under Income Tax Act in India?
The above information explains about the difference between Financial year and Assessment year under Income Tax Rules in India. If you would like to write more about Assessment Year and Financial Year, share below your views:
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