• 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
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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Davneet Singh
Davneet Singh is a graduate from Indian Institute of Technology, Kanpur. He has been teaching from the past 7 years. He provides courses for Mathematics and Science from Class 6 to 12. You can learn personally from here https://www.teachoo.com/premium/maths-and-science-classes/.