Financial year: A fiscal year (FY) is

A fiscal year (FY) is a 52- or 53-week or 12-month period used by a company or government for budget and accounting purposes and as a schedule for financial statements. What is the Financial Year in India? A Detailed Overview. The books of accounts get updated for a year. However, the beginning date of this time varies from business to business. The terms " financial year " and "assessment year" may have appeared in your reading of a company's financial statements. The financial year and assessment year are two key terms in taxation and accounting. The financial year (FY) refers to the 12-month period during which income is earned, commonly from April 1st to March 31st of the next year in India. For example, income earned between April 1, 2023, and March 31, 2024, falls under the financial year 2023–24. The financial year (FY) is the period in which an individual or business earns income. In contrast, the assessment year (AY) is the year immediately following the financial year , during which the income earned in the previous year is assessed, tax is paid, and the Income Tax Return (ITR) is filed.