Current Financial Year is 2018-19

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

 

Similarly

  • Last Financial Year was 2017-18
  • It started from 1 April 2017 till 31 March 2018
  • ITR to be filed after the end of year
  • Since ITR is filed in next year,Financial Year 2017-18 is called Assessment Year 2018-19

 

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
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 Bcom M Com Exams May - June 2018
  2. Income Tax
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CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides GST Training in Delhi. Register now.