Which ‘YEAR’ is this? Understanding Assessment Year (AY), Financial Year (FY), Previous Year (PY) and Preceding Year

A “Year” is very important. The Income Tax Act (ITA) and Foreign Exchange Management Act (FEMA) both mention various years, such as Assessment Year, Previous Year, Financial Year, Calendar Year, Preceding Year, etc. The deadlines, reporting requirements, limits, etc. are prescribed based on a “Year”. It is very important to understand the differences between the […]