The assessment year(ay) and financial year(fy)

Actually most people become used to the concept of FY & AY. The ministry wont do anything about it cos all tax laws use the concept of AY & FY. They will not change the entire act for this reason. Just do what I do the clear the confussion. there are only 2 years in tax 1) Previous Year 2) Assessment Year The ITO's are dumb people and call the relevent year "previous year"

So, another term "Previous year" is also there in addition to "financial year" & "assessment year". GOD!!!

Dear One, 

 

There is No Concept of Financial Year in Whole Income Tax law.

Only The Word Previous Year & assessment Year is Used.

Yes sir. You are right. As Income tax law, there are only "Previous year" and "Assessment year". The word "Financial year" also been quoted because it has been globally used in all the corporates and particularly the Accounts personnels.

So, my concern here is in order to avoid this confusion, is it possible to have a common name like "Accounting year" or "Tax year" in all forums.