Financial Year (FY)

Tax Glossary Definition

Financial Year (FY)

Financial Year (FY) – A Financial Year is a 12-month period during which income is earned, accounts are maintained, and financial statements are prepared by individuals, firms, and companies. All income earned during a Financial Year is evaluated, assessed, and taxed in the corresponding Assessment Year (AY), which immediately follows it. Taxpayers are required to file their Income Tax Returns (ITR) and pay applicable taxes in the Assessment Year for the income earned in the preceding Financial Year.

Example: Income earned during FY 2022–23 (1 April 2022 to 31 March 2023) is assessed and taxed in AY 2023–24.

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