I hate the system of using Financial year(FY) and Assessment year(AY) as it creates confusions to the Accountants like me. And it leads us to remit tds/tax remittances to the wrong financial year.
Instead, why not it be only the Financial year(FY) in all formats and forum in all departments.
Further, there is no point in mentioning Assessment year(AY) by the Income tax department as they are not strictly completing the assessments in that year.
So, I request the Finance ministry to kindly look into this and make uniformity in mentioning the year. That is Financial year(FY) which would be helpful to all.
CAclubindia
