In which year you assess your tax called ASSESSMENT YEAR.
And for which year we assess the tax called Financial Year or Previous Year-
IN THE YEAR 2019–20 WE ARE ASSESSING THE TAX OF 2018–19. SO WE CALLED 2019- 20 AS ASSESSMENT YEAR AND 2018–19 IS CALLED FINANCIAL YEAR.
Assessment Year-
- The year immediate succeeding Financial year .
- The Year in which you file ITR.
Financial year-
- The year immediate preceding Assessment year.
- The year in which you pay income tax.
Example of F.Y. and its A.Y.
- Lets take a example to understand the concept of Financial Year (F.Y.) and Assessment Year (F.Y.), If we take an example of Year 2018-19 which is from 1st April 2018 to 31st March 2019 and if it the year for which you calculation your income and tax on total income, then year 2018-19 is your Financial Year, for that the calculation period start from 1st April 2019 and you can submit your Income tax File for FY 2018-19 FROM 1st April 2019 to 31st March 2020. So, Year 2019-20 is the period for calculation of total income you earn for the year 2018-19 and so, Year 2019-20 is the Assessment Year (A.Y.) in respect to F.Y. 2018-19.
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