What is the difference between Assessment Year and Financial Year?
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Financial Year is the year in which the income is earned or say the year of which income-related. 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. For example, if the financial year is from 1 April 2020 to 31 MarchRead more
Financial Year is the year in which the income is earned or say the year of which income-related.
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.
For example, if the financial year is from 1 April 2020 to 31 March 2021, then it is known as FY 2020-21. The assessment year for this period would begin after the financial year ends – that is from 1 April 2021 to 31 March 2022. Hence, the assessment year would be AY 2022-22.
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