2025年3月19日 · 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 instance, if your financial year is from 1 April 2024 to 31 March 2025, then it is known as FY 2024-25.

2025年2月19日 · The Assessment Year (AY) is the year in which your income is assessed and taxed, while the Financial Year (FY) is the year in which you earn the income. So, for example, if you earn income during the FY 2023-2024, it will be assessed and taxed in the AY 2024-2025.

2023年3月13日 · 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. Both FY and AY start on 1 April and end on 31 March. For instance, for FY 2021-22, the assessment year is AY 2022-23. What is the difference between AY and FY?

2025年2月1日 · ITR-U or Updated Income Tax Return is the form that allows you to rectify errors or omissions and update your previous ITR. It can be filed within two years from the end of the relevant assessment year. The government introduced the concept of updated returns in the Union Budget 2022.

2022年4月1日 · Difference Between AY and FY. A person's financial year is the year in which he or she receives money for tax purposes. The assessment year is the year after the financial year in which the prior year's revenue is assessed, tax is collected, and the ITR is filed.

2021年3月31日 · FY to which the income belongs is called the Previous year (PY) and the FY in which the income is assessed is called the Assessment year (AY). Financial Year is denoted as FY and Assessment Year as AY. Ex: The income earned between 1 Apr 2018 to 31 Mar 2019 will be assessed after 1 Apr 2019.

2024年5月5日 · What is the Assessment Year (AY)? Assessment Year (AY) is the year in which taxpayers assess and file their income tax returns for the income earned in the preceding financial year. Assessment year starts when the financial year ends. Both AY and FY start on 1st April and end on 31st March.

2024年9月2日 · Let us understand the difference between Assessment Year (AY) and Financial Year (FY) with an example. Consider, Mr. Kumar wants to file the ITR forms for the financial year 2020-2021. Then the assessment year for which the …

2025年3月25日 · The correct AY is AY 2021-22. However, if you select an incorrect AY as AY 2020-21 then you are actually selecting FY 2019-20. And you are proceeding towards an assessment of income earned in an incorrect financial year.

The Assessment Year for the income earned during this period will start after the end of the financial year, that is, the 1st of April 2022 to the 31st of March 2023. This means the Assessment Year for FY 2021-22 will be AY 2022-23.