financial year vs assessment year examples
Difference between Assessment Year (AY) and Financial Year (FY)
Many Taxpayers get confused between the terms “Assessment Year (AY)” and “Financial Year” (FY). This confusion leads to mistakes while filing their Income tax returns. Hence it is very important to understand the difference between the two. As per Income-tax Act 1961: Financial Year: Financial Year (FY) is the period between 1 April and 31 […]
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