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 |
