On a person's yearly income, income tax is assessed. For individuals, the time period during which their income is considered for income tax purposes is known as the "Previous Year" (PY)
Previous Year (FY):
The Previous Year is the 12-month period during which income is earned.It runs from April 1 of a given year to March 31 of the following year.
For example, for FY 2022-23 it starts on April 1, 2022, and ends on March 31, 2023.
Assessment Year (AY):
The Assessment Year is the year following the Financial Year in which the income is assessed and taxed. It is the year in which individuals file their income tax returns.
Using the above example, FY 2022-23, AY 2023-24 will be my assessment year.
Previous Year (FY):
The Previous Year is the 12-month period during which income is earned.It runs from April 1 of a given year to March 31 of the following year.
For example, for FY 2022-23 it starts on April 1, 2022, and ends on March 31, 2023.
Assessment Year (AY):
The Assessment Year is the year following the Financial Year in which the income is assessed and taxed. It is the year in which individuals file their income tax returns.
Using the above example, FY 2022-23, AY 2023-24 will be my assessment year.
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