- Current Financial year is 2016-17 i.e. is starts from 1 April, 2016 and end on 31 March 2017.
- Income tax is payable on it an after 31 March 2017 i.e. in 2017-18.
- As per Income tax 2017-18 is Assessment Year and 2016-17 is Financial Year or previous year.
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|