explain

2016-27

the year next to f.y. is a.y. for example for f.y. 2017-18 the a.y. is 2018-19

What is the difference between AY andFY? ...

For example,
if your financial year is from 1 April 2016 to 31 March 2017, then it is known as FY2016-17. The assessment year for income earned during this period would begin after the financial year ends–that is on 1 April 2017 till 31 March 2018...



Account transactions running year is Financial Year....
After end of the transaction year we are assessing the accounts that is called Assessement Year....
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