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Income Tax efiling in India for FY 2023-24 (AY 2024-25)

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What is Assessment Year

An assessment year and financial year both are different. However, many individuals still believe that these both years are the same but that is not the actual case. In the reality, both years are disparate from each other. Most taxpayers make mistakes while filing their income tax returns. Such mistakes can lead you to penalties, delays, and interest.

What is Assessment Year (AY)?

An assessment year and financial year both are different. However, many individuals still believe that these both years are the same but that is not the actual case. In the reality, both years are disparate from each other. Most taxpayers make mistakes while filing their income tax returns. Such mistakes can lead you to penalties, delays, and interest.
It is recommended to know the basics of related terms to income tax so that you can avoid such mistakes. We have explained in this article about the assessment year, its concept, and the difference between a fiscal year and an assessment year.
An Assessment Year is a period from 1st April to 31st of March during which your earned money in a financial year is taxed. The year that comes just after the financial year is known as an assessment year. Individuals have to file income tax returns in the relevant assessment year. The most recent fiscal year is 1st April 2021- 31st March 2022 and the AY for this FY is 1st April 2022- 31st March 2023.

What is the fiscal year(FY)?

In India, A financial year is a one-year period in which income is earned, known as a fiscal year. A fiscal year commences on the 1st of April and ends on the 31st of March. A fiscal year is for the organizations, governments, and businesses to plan their financial reporting. In simple words, The income earned in the financial year will be considered as income earned from 1st April 2022 to 31st March 2022.

The most recent tax years

The most recent fiscal year is 1st April 2021- 31st March 2022 and the current assessment year for this FY is 1st April 2022- 31st March 2023. We have given a list of recent FY and AY years below-

Tax Period Financial Year Assessment Year
1 April 2021 to 31 March 2022 2021-22 2022-23
1 April 2020 to 31 March 2021 2020-21 2021-22
1 April 2019 to 31 March 2020 2019-20 2020-21
1 April 2018 to 31 March 2019 2018-19 2019-20
1 April 2017 to 31 March 2018 2017-18 2018-19

Important things while filing ITR during A.Y.

  1. Documents which are required; Form 26AS of FY and the previous year’s tax return.
  2. Fill in the details correctly..
  3. Keep the documents prepared.
  4. Disclose Exempt income.
  5. Segments of your assets and liabilities.
  6. Documents of the fiscal year (FY) are utilized in the assessment year (AY) to evaluate the income.

Frequently asked questions

An assessment year and financial year both are different. However, many individuals still believe that these both years are the same but that is not the actual case. In the reality, both years are disparate from each other.
An Assessment Yearis a period from 1st April to 31st of March during which your earned money in a financial year is taxed.
A financial year is a one-year period in which income is earned, known as a fiscal year. A fiscal year commences on the 1st of April and ends on the 31st of March.

The year that comes just after the financial year is known as an assessment year. The most recent fiscal year is 1st April 2021- 31st March 2022 and the AY for this FY is 1st April 2022- 31st March 2023.

In India, An Assessment Yearis a period from 1st April to 31st of March during which your earned money in a financial year is taxed.

An Assessment Year is a period from 1st April to 31st of March during which your earned money in a financial year is taxed. A financial year is a one-year period in which income is earned, known as a fiscal year. A fiscal year commences on the 1st of April and ends on the 31st of March.

Yes. An assessment year can be less than 12 months. It depends on the activities of the whole year.

A previous year is a one-year period in which income is earned, known as a fiscal/financial year. The financial year starts on 1st April and ends on 31st March of the next year.

The tax year starts on the 6th of April 2021.

An individual should file income tax returns in the assessment year. The assessment year comes after the fiscal year.

A fiscal year commences on the 1st of April and ends on the 31st of March. A fiscal year is for the organizations, governments, and businesses to plan their financial reporting. In simple words, The income earned in the financial year will be considered as income earned from 1st April 2022 to 31st March 2022.

A calendar year refers to the 12th month of a period that starts on the 1st of January and ends on the 31st of December.
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