Current Financial Year is 2019-20

  • It starts from 1 April 2019 till 31 March 2020
  • ITR Will be filed after end of the year
  • Since ITR is filed in next year,Financial Year 2019-20 is called Assessment Year 2020-21

 

Similarly

  • Last Financial Year was 2018-19
  • It started from 1 April 2018 till 31 March 2019
  • ITR to be filed after the end of year
  • Since ITR is filed in next year,Financial Year 2018-19 is called Assessment Year 2019-20

Hence in Income Tax,Current Financial Year is called Previous Year and Assessment Year is one year ahead

Financial Year (FY) or Previous Year Assessment Year
2019-20 AY 2020-21
2018-19 AY 2019-20
2017-18 AY 2018-19
2016-17 AY 2017-18
2015-16 AY 2016-17
2014-15 AY 2015-16
2013-14 AY 2014-15

 

  1. Taxation for CA, CS, CMA Exams May - June 2019
  2. Income Tax

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 10 years. He also provides Accounts Tax GST Training in Delhi and Pune.