IntroductionAn increasing number of taxpayers tend to file their income tax returns on their own. Therefore it is very important to understand the difference between the financial year and assessment year.Financial YearThe Financial Year (FY) is the year in which you earn the income. It may be the year that starts from 1st April and ends on 31st March.Assessment YearThe Assessment Year (AY) is the year immediately following the Financial year in which the previous year’s income is evaluated. This is done to to compute the taxes on it. AY may be the year in which income tax returns are
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