What is the difference between fiscal years and assessment years.
The year in which income is earned is called the financial year or fiscal year.
The year in which income is assessed for tax is called an assessment year.
Financial year is also called fiscal year.
For example, 2022-23 will be financial year and 2023-24 will be assessment year. It means, tax for income of 2022-23 will be assessed in year 2023-24.
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