Difference Between Assessment Year (AY) and Financial Year (FY)

Umasfintax04 Nov, 2024Business

There is often confusion among taxpayers regarding the distinction between the Financial Year (FY) and the Assessment Year (AY). This misunderstanding can result in errors when filing income tax returns. It is important for taxpayers to understand the difference between these two terms in order to accurately report their financial information to the tax authorities.