Financial Year under Income Tax rules

Meaning of Financial Year under Income Tax rules
 

What is the meaning of Financial Year in India in terms of Income Tax rules?


The financial year is the year in which you earn an income.  The tax on such income is liable to pay with returns in assessment year which is next to financial year.  In India, the financial year starts from April 1st and ends on March 31st of year next.   If current financial year starts from 1st April 2016 and ends on 31st March, 2017, the assessment year for the said financial year starts from 1st April 2017 and ends on 31st March, 2018.


Here, the term financial year is explained in short.  Share below your thoughts about financial year below.

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