Tax
What is Financial Year (FY) and Assessment Year (AY)? — Meaning, Definition & Example
Definition
In India, Financial Year runs from April 1 to March 31 (e.g., FY 2025-26 = April 2025 to March 2026). Assessment Year is the next year when you file taxes for the previous FY (AY 2026-27 for FY 2025-26). All tax calculations and deductions are based on the financial year.
💡 Real Example
Income earned from April 2025 to March 2026 (FY 2025-26) is declared in ITR filed during April-July 2026 (AY 2026-27).
🇮🇳 Financial Year (FY) and Assessment Year (AY) in Hindi / हिंदी में
वित्तीय वर्ष और आकलन वर्ष — भारत में वित्तीय वर्ष 1 अप्रैल से 31 मार्च तक चलता है। आकलन वर्ष अगला वर्ष होता है जब पिछले FY का ITR फाइल किया जाता है।
Financial Year and Assessment Year (Hinglish) — India mein Financial Year April 1 se March 31 tak hota hai. Assessment Year next year hota hai jab previous FY ka ITR file karte ho.
❓ Frequently Asked Questions
What is Financial Year (FY) and Assessment Year (AY) in simple words?
In India, Financial Year runs from April 1 to March 31 (e.g., FY 2025-26 = April 2025 to March 2026). Assessment Year is the next year when you file taxes for the previous FY (AY 2026-27 for FY 2025-26). All tax calculations and deductions are based on the financial year.
Can you give an example of Financial Year (FY) and Assessment Year (AY)?
Income earned from April 2025 to March 2026 (FY 2025-26) is declared in ITR filed during April-July 2026 (AY 2026-27).
What is Financial Year (FY) and Assessment Year (AY) meaning in Hindi?
In Hindi, Financial Year (FY) and Assessment Year (AY) is called वित्तीय वर्ष और आकलन वर्ष. भारत में वित्तीय वर्ष 1 अप्रैल से 31 मार्च तक चलता है। आकलन वर्ष अगला वर्ष होता है जब पिछले FY का ITR फाइल किया जाता है।