What is the difference between fiscal years and assessment years.
Do note different taxes have different assessment years. Example FY 14-15 has assessment year AY 15-16 for income-tax act. But for VAT purpose FY 14-15 has assessment year AY 14-15 itself.
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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