Differences

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gourav

gourav (Querist)
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13 May 2014 what is the difference between financial year and previous year in income tax act

svraghunath

svraghunath (Expert)
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14 May 2014 dear gourav

Financial year means year beginning from 1st April and ends with 31st march for eg 01.04.2011 to 31.03.2012 - here FY means 2011-12.

Assessment year means it is one year ahead of financial year. for FY 2011-12 AY is 2012-13

ie., income earned in FY will be assessed in AY.