{"id":4435,"date":"2026-06-03T07:40:53","date_gmt":"2026-06-03T07:40:53","guid":{"rendered":"https:\/\/jumpp.finance\/blog\/?p=4435"},"modified":"2026-06-03T07:40:53","modified_gmt":"2026-06-03T07:40:53","slug":"assessment-year-vs-financial-year","status":"publish","type":"post","link":"https:\/\/jumpp.finance\/blog\/financial-management\/personal-finance\/assessment-year-vs-financial-year\/","title":{"rendered":"Assessment Year vs Financial Year: Meaning, Differences, Examples and ITR Filing Guide"},"content":{"rendered":"<div class='main-article-wrapper'>\n<p class=\"wp-block-paragraph\">Assessment Year (AY) and Financial Year (FY) are two of the most commonly used terms in the Indian income tax system. You have probably come across them while filing an Income Tax Return (ITR), checking Form 16, or reading tax-related documents. Since both cover a 12-month period and are closely connected, many taxpayers often get confused about the difference between the Assessment Year and the Financial Year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Understanding the Assessment Year vs Financial Year is important because choosing the wrong year while filing an ITR can lead to errors.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In this blog, learn what Assessment Year and Financial Year mean, and their key differences.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_a_Financial_Year\"><\/span>What is a Financial Year?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A <strong>Financial Year (FY)<\/strong> is the 12-month period during which an individual, business, or organisation earns income.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In India, the Financial Year starts on <strong>1 April<\/strong> and ends on <strong>31 March<\/strong> of the following year.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>FY 2025-26 starts on 1 April 2025<\/li>\n\n\n\n<li>FY 2025-26 ends on 31 March 2026<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Any salary, business income, rental income, interest income, dividends, or capital gains earned during this period belong to FY 2025-26.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Example of Financial Year<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Suppose a salaried employee receives a salary every month from April 2025 to March 2026.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The entire salary earned during this period falls under:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Financial Year 2025-26<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Similarly, any bank interest, rental income, dividends, or capital gains earned during this period will also be considered part of FY 2025-26.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_an_Assessment_Year\"><\/span>What is an Assessment Year?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">An <strong>Assessment Year (AY)<\/strong> is the year immediately following the Financial Year. It is the period during which the income earned in the Financial Year is assessed for taxation and the Income Tax Return is filed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For example:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Income earned during FY 2025-26<\/li>\n\n\n\n<li>Assessed and reported during AY 2026-27<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The Assessment Year begins after the Financial Year ends because the total annual income can only be calculated once the income-earning period is complete.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Example of Assessment Year<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The employee earned income between 1 April 2025 and 31 March 2026. After the Financial Year ends, the taxpayer files an Income Tax Return and reports that income during:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Assessment Year 2026-27<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is the year in which the Income Tax Department assesses the income and calculates the applicable tax liability.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Assessment_Year_vs_Financial_Year_%E2%80%93_How_Do_They_Differ\"><\/span>Assessment Year vs Financial Year &#8211; How Do They Differ<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The Financial Year is when income is earned, while the Assessment Year is when that income is assessed and taxed.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Basis<\/strong><\/td><td><strong>Financial Year (FY)<\/strong><\/td><td><strong>Assessment Year (AY)<\/strong><\/td><\/tr><tr><td>Meaning<\/td><td>Year in which income is earned<\/td><td>Year in which income is assessed and taxed<\/td><\/tr><tr><td>Period<\/td><td>1 April to 31 March<\/td><td>1 April to 31 March<\/td><\/tr><tr><td>Purpose<\/td><td>Recording income earned during the year<\/td><td>Filing ITR and tax assessment<\/td><\/tr><tr><td>Comes First<\/td><td>Yes<\/td><td>No<\/td><\/tr><tr><td>Example<\/td><td>FY 2025-26<\/td><td>AY 2026-27<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A taxpayer earns income during the Financial Year and files an Income Tax Return during the Assessment Year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Once you understand how your income is taxed, the next step is making your money grow smarter.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full app-download-banner\"><a href=\"https:\/\/jumpp.finance\/download-app\" target=\"_blank\" rel=\" noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"2560\" height=\"720\" src=\"https:\/\/jumpp.finance\/blog\/wp-content\/uploads\/2026\/05\/Invest-Smart.-Grow-More-scaled.jpg\" alt=\"Start SIP investment in mutual funds during market downturn in India\" class=\"wp-image-4342\" srcset=\"https:\/\/jumpp.finance\/blog\/wp-content\/uploads\/2026\/05\/Invest-Smart.-Grow-More-scaled.jpg 2560w, https:\/\/jumpp.finance\/blog\/wp-content\/uploads\/2026\/05\/Invest-Smart.-Grow-More-300x84.jpg 300w, https:\/\/jumpp.finance\/blog\/wp-content\/uploads\/2026\/05\/Invest-Smart.-Grow-More-1024x288.jpg 1024w, https:\/\/jumpp.finance\/blog\/wp-content\/uploads\/2026\/05\/Invest-Smart.-Grow-More-768x216.jpg 768w, https:\/\/jumpp.finance\/blog\/wp-content\/uploads\/2026\/05\/Invest-Smart.-Grow-More-1536x432.jpg 1536w, https:\/\/jumpp.finance\/blog\/wp-content\/uploads\/2026\/05\/Invest-Smart.-Grow-More-2048x576.jpg 2048w, https:\/\/jumpp.finance\/blog\/wp-content\/uploads\/2026\/05\/Invest-Smart.-Grow-More-520x146.jpg 520w\" sizes=\"auto, (max-width: 767px) 89vw, (max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_is_an_Assessment_Year_Needed\"><\/span>Why is an Assessment Year Needed?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>An Assessment Year is needed because income tax can only be assessed after a taxpayer&#8217;s income for the entire Financial Year is known.<\/strong> Once the Financial Year ends, taxpayers can calculate their total income, claim deductions, and file their Income Tax Returns. The Assessment Year provides the period during which this income is assessed and taxed.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Why Does India Follow the Financial Year and Assessment Year System?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">India follows the Financial Year and Assessment Year system to ensure accurate calculation and reporting of income tax.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Financial Year allows individuals and businesses to earn income over a 12-month period, while the Assessment Year provides time to calculate total income, claim deductions, determine tax liability, and file Income Tax Returns.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For example, income earned during FY 2025-26 is assessed and reported during AY 2026-27. This separation helps taxpayers report their complete income only after the Financial Year ends.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>While understanding Assessment Year and Financial Year, it\u2019s also important to know how different types of income are taxed in India. One such important concept is <a href=\"https:\/\/jumpp.finance\/blog\/financial-management\/personal-finance\/perquisite-tax\/\" target=\"_blank\" rel=\"noreferrer noopener\">perquisite tax<\/a>, which applies to additional benefits received over and above salary.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Does_the_Assessment_Year_Begin_Every_Year\"><\/span>Does the Assessment Year Begin Every Year?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Yes, every Assessment Year begins on <strong>1 April<\/strong> and ends on <strong>31 March<\/strong> of the following year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Some examples include:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Assessment Year<\/strong><\/td><td><strong>Period<\/strong><\/td><\/tr><tr><td>AY 2025-26<\/td><td>1 April 2025 to 31 March 2026<\/td><\/tr><tr><td>AY 2026-27<\/td><td>1 April 2026 to 31 March 2027<\/td><\/tr><tr><td>AY 2027-28<\/td><td>1 April 2027 to 31 March 2028<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A new Assessment Year starts every year immediately after the relevant Financial Year ends.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Financial_Year_Starts_From_Which_Month\"><\/span>Financial Year Starts From Which Month?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The Financial Year in India starts in <strong>April<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Specifically:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Start Date: 1 April<\/li>\n\n\n\n<li>End Date: 31 March<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">This system is followed for income tax calculations, government budgeting, corporate reporting, and financial planning across India.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Financial_Year_vs_Assessment_Year_in_India_for_Recent_Years\"><\/span>Financial Year vs Assessment Year in India for Recent Years<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The table below can help taxpayers identify the correct Assessment Year for a given Financial Year.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Financial Year<\/strong><\/td><td><strong>Assessment Year<\/strong><\/td><\/tr><tr><td>FY 2025-26<\/td><td>AY 2026-27<\/td><\/tr><tr><td>FY 2024-25<\/td><td>AY 2025-26<\/td><\/tr><tr><td>FY 2023-24<\/td><td>AY 2024-25<\/td><\/tr><tr><td>FY 2022-23<\/td><td>AY 2023-24<\/td><\/tr><tr><td>FY 2021-22<\/td><td>AY 2022-23<\/td><\/tr><tr><td>FY 2020-21<\/td><td>AY 2021-22<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Are_Financial_Year_and_Assessment_Year_Called_in_Hindi\"><\/span>What Are Financial Year and Assessment Year Called in Hindi?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Many taxpayers also search for the Hindi meaning of Financial Year and Assessment Year.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>English Term<\/strong><\/td><td><strong>Hindi Term<\/strong><\/td><\/tr><tr><td>Financial Year (FY)<\/td><td>\u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0935\u0930\u094d\u0937<\/td><\/tr><tr><td>Assessment Year (AY)<\/td><td>\u0928\u093f\u0930\u094d\u0927\u093e\u0930\u0923 \u0935\u0930\u094d\u0937<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These terms are commonly used in income tax notices, government documents, and tax-related communication in Hindi.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_Remember_the_Difference_Between_AY_and_FY\"><\/span>How to Remember the Difference Between AY and FY<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A simple formula can make the concept easier to understand:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Financial Year = Income Earned<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Assessment Year = Income Assessed and ITR Filed<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For example:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Income earned during FY 2025-26<\/li>\n\n\n\n<li>Income assessed and return filed during AY 2026-27<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Remembering this sequence can help you select the correct year while filing your tax return.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Assessment Year and Financial Year are two closely related but distinct concepts in India&#8217;s income tax system. Understanding the relationship between these two terms can help taxpayers file their ITR correctly, avoid common mistakes, and better understand the tax filing process.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Know the <a href=\"https:\/\/jumpp.finance\/blog\/financial-wellness\/how-to-save-income-tax\/\" target=\"_blank\" rel=\"noreferrer noopener\">tax-saving options <\/a>for 2026!<\/em><\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong>Disclaimer\u2013<\/strong>&nbsp;The rankings and figures in this article have been compiled from multiple verified reports, credible news sources, and public financial data available as of 2026.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">All values are approximate and may vary with newer updates, revisions, or changes in official records.<\/p>\n<\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"AY_vs_FY_%E2%80%93_FAQs\"><\/span>AY vs FY &#8211; FAQs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1780471209290\"><strong class=\"schema-faq-question\"><strong>What is the Assessment Year in income tax?<\/strong><\/strong> <p class=\"schema-faq-answer\">Assessment Year is the year in which income earned during the previous Financial Year is assessed and taxed, and the Income Tax Return is filed.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1780471211661\"><strong class=\"schema-faq-question\"><strong>What is a Financial Year?<\/strong><\/strong> <p class=\"schema-faq-answer\">A Financial Year is the 12-month period from 1 April to 31 March during which income is earned.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1780471212225\"><strong class=\"schema-faq-question\"><strong>What is the difference between the Assessment Year and the Financial Year?<\/strong><\/strong> <p class=\"schema-faq-answer\">The Financial Year is when income is earned, while the Assessment Year is when that income is assessed and taxed.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1780471212753\"><strong class=\"schema-faq-question\"><strong>Does the Assessment Year begin every year?<\/strong><\/strong> <p class=\"schema-faq-answer\">Yes, every Assessment Year begins on 1 April and ends on 31 March of the following year.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1780471213311\"><strong class=\"schema-faq-question\"><strong>Which Assessment Year should I select for FY 2025-26?<\/strong><\/strong> <p class=\"schema-faq-answer\">If your income was earned during FY 2025-26, you should generally select AY 2026-27 while filing your ITR.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1780471213918\"><strong class=\"schema-faq-question\"><strong>When does the Financial Year start in India?<\/strong><\/strong> <p class=\"schema-faq-answer\">The Financial Year in India starts on 1 April and ends on 31 March of the following year.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1780471214515\"><strong class=\"schema-faq-question\"><strong>What are Financial Year and Assessment Year called in Hindi?<\/strong><\/strong> <p class=\"schema-faq-answer\">Financial Year is called <strong>\u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0935\u0930\u094d\u0937<\/strong>, while Assessment Year is called <strong>\u0928\u093f\u0930\u094d\u0927\u093e\u0930\u0923 \u0935\u0930\u094d\u0937<\/strong> in Hindi.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1780471270558\"><strong class=\"schema-faq-question\"><strong>Which Assessment Year to select for ITR?<\/strong><\/strong> <p class=\"schema-faq-answer\">You should select the <strong>Assessment Year that immediately follows the Financial Year<\/strong> in which the income was earned. For income earned during FY 2025-26, the correct Assessment Year is AY 2026-27.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1780471271161\"><strong class=\"schema-faq-question\"><strong>What is the Assessment Year for 2025-26?<\/strong><\/strong> <p class=\"schema-faq-answer\">The <strong>Assessment Year for FY 2025-26 is AY 2026-27<\/strong>. Income earned between 1 April 2025 and 31 March 2026 is assessed during AY 2026-27.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1780471271757\"><strong class=\"schema-faq-question\"><strong>What is PBT and PBIT?<\/strong><\/strong> <p class=\"schema-faq-answer\"><strong>PBT (Profit Before Tax)<\/strong> is a company&#8217;s profit after deducting all expenses except income tax. <strong>PBIT (Profit Before Interest and Tax)<\/strong> measures profit before both interest and tax expenses are deducted.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1780471294363\"><strong class=\"schema-faq-question\"><strong>Can I gift \u20b91 crore to my friend?<\/strong><\/strong> <p class=\"schema-faq-answer\">Yes, you can gift \u20b91 crore to your friend. However, since a friend is not considered a relative under income tax laws, the amount may be taxable in the recipient&#8217;s hands if it exceeds the prescribed exemption limit.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1780471301924\"><strong class=\"schema-faq-question\"><strong>Can I gift \u20b920 lakhs to my daughter?<\/strong><\/strong> <p class=\"schema-faq-answer\">Yes, you can gift \u20b920 lakhs to your daughter. Gifts received from parents are generally exempt from tax, regardless of the amount gifted.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1780471309195\"><strong class=\"schema-faq-question\"><strong>How much tax do I pay on \u20b91 crore?<\/strong><\/strong> <p class=\"schema-faq-answer\">The tax payable on \u20b91 crore depends on factors such as your income source, deductions claimed, tax regime selected, and applicable surcharge. There is no fixed tax amount for all taxpayers.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1780471316501\"><strong class=\"schema-faq-question\"><strong>Can I gift \u20b910 lakhs to my wife?<\/strong><\/strong> <p class=\"schema-faq-answer\">Yes, you can gift \u20b910 lakhs to your wife without gift tax implications. However, income earned from the gifted amount may be subject to clubbing provisions under income tax rules.<\/p> <\/div> <\/div>\n<\/div><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_88 counter-flat ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/jumpp.finance\/blog\/financial-management\/personal-finance\/assessment-year-vs-financial-year\/#What_is_a_Financial_Year\" >What is a Financial Year?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/jumpp.finance\/blog\/financial-management\/personal-finance\/assessment-year-vs-financial-year\/#What_is_an_Assessment_Year\" >What is an Assessment Year?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/jumpp.finance\/blog\/financial-management\/personal-finance\/assessment-year-vs-financial-year\/#Assessment_Year_vs_Financial_Year_%E2%80%93_How_Do_They_Differ\" >Assessment Year vs Financial Year &#8211; How Do They Differ<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/jumpp.finance\/blog\/financial-management\/personal-finance\/assessment-year-vs-financial-year\/#Why_is_an_Assessment_Year_Needed\" >Why is an Assessment Year Needed?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/jumpp.finance\/blog\/financial-management\/personal-finance\/assessment-year-vs-financial-year\/#Does_the_Assessment_Year_Begin_Every_Year\" >Does the Assessment Year Begin Every Year?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/jumpp.finance\/blog\/financial-management\/personal-finance\/assessment-year-vs-financial-year\/#Financial_Year_Starts_From_Which_Month\" >Financial Year Starts From Which Month?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/jumpp.finance\/blog\/financial-management\/personal-finance\/assessment-year-vs-financial-year\/#Financial_Year_vs_Assessment_Year_in_India_for_Recent_Years\" >Financial Year vs Assessment Year in India for Recent Years<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/jumpp.finance\/blog\/financial-management\/personal-finance\/assessment-year-vs-financial-year\/#What_Are_Financial_Year_and_Assessment_Year_Called_in_Hindi\" >What Are Financial Year and Assessment Year Called in Hindi?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/jumpp.finance\/blog\/financial-management\/personal-finance\/assessment-year-vs-financial-year\/#How_to_Remember_the_Difference_Between_AY_and_FY\" >How to Remember the Difference Between AY and FY<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/jumpp.finance\/blog\/financial-management\/personal-finance\/assessment-year-vs-financial-year\/#Conclusion\" >Conclusion<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/jumpp.finance\/blog\/financial-management\/personal-finance\/assessment-year-vs-financial-year\/#AY_vs_FY_%E2%80%93_FAQs\" >AY vs FY &#8211; FAQs<\/a><\/li><\/ul><\/nav><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Assessment Year (AY) and Financial Year (FY) are two of the most commonly used terms in the Indian income tax system. You have probably come across them while filing an Income Tax Return (ITR), checking Form 16, or reading tax-related documents. Since both cover a 12-month period and are closely connected, many taxpayers often get &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/jumpp.finance\/blog\/financial-management\/personal-finance\/assessment-year-vs-financial-year\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Assessment Year vs Financial Year: Meaning, Differences, Examples and ITR Filing Guide&#8221;<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":4437,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1001],"tags":[3259,3258,3257,3261,3260,3254,3255,3256],"class_list":["post-4435","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-finance","tag-assessment-year-begins-from-every-year","tag-assessment-year-for-itr","tag-assessment-year-vs-financial-year","tag-example-of-assessment-year","tag-financial-year-starts-from-which-month","tag-what-is-assessment-year","tag-what-is-assessment-year-in-income-tax","tag-what-is-financial-year"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Assessment Year (AY) vs Financial Year (FY): Key Differences<\/title>\n<meta name=\"description\" content=\"Assessment 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