What is fy and ay

Be the first to rate this post. Get In Touch. Period Financial Year Assessment Year 1. How useful was this post? Click on a star to rate it! Do you know the difference between financial year and assessment year? Or gross total income and total income? There are many tax related terms that are not easily understood by lay taxpayers like you and me.

While filing your income tax return ITR when you come across such confusing terms, it can put you in a fix and you might end up making a mistake that can cost you dearly. Here are five pairs of ITR terms explained. Financial year vs Assessment year. Your legal guide on estate planning, inheritance, will and more. Under the lens NFRA member under lens for audit gaps in fraud-hit firm; cloud over selection process for regulatory posts. Subscribe to ETPrime. Browse Companies:. Find this comment offensive?

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Share this Comment: Post to Twitter. They often tend to treat them as the same, which leads to making mistakes when they file their income tax returns. Furnishing Audit Report: i Due date to furnish the audit report is extended to 15th Jan 22 ii Due date to furnish the audit report for transfer pricing cases is extended to 31st Jan The assessment year AY is the year that comes after the FY. This is the time in which the income earned during FY is assessed and taxed.

For instance, FY and AY are one and the same. From an income tax perspective , FY is the year in which you earn an income. For instance, if your financial year is from 1 April to 31 March , then it is known as FY The assessment year for the money earned during this period would begin after the financial year ends — that is from 1 April to 31 March Hence, the assessment year would be AY Choose from the best-performing Mutual Funds and kick start your investment journey in just 60 seconds.

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