Year (FY) and the Assessment Year (AY). This misunderstanding can result in errors when filing income tax returns. It is important for taxpayers to understand the difference between these two terms in order to accurately report their financial information to the tax authorities. FINANCIAL YEAR A financial year (FY) is a 12-month period that runs from April 1st to March 31st. It is... https://umasfintax.com/difference-between-assessment-year-ay-and-financial-year-fy/