the Qs
the Qs

I just joined Infosys recently and I am a complete fresher in income tax. What does assessment year and financial year mean?

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In India, there are three types of years. There are normal birthdays that you celebrate. That is the year that you consider aging is called the calendar year. It starts from Jan and ends in December. The next financial year. This is the year starting from April and ending in March. The current financial year starts from April 2024 and ends in March 2025. The year in which you pay income tax on the income that you have earned in the previous year. That is called the assessment year. This comes right after the financial year. So it starts from April 2025 and ends at March 2026
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the Qs

I just joined Infosys recently and I am a complete fresher in income tax. What does assessment year and financial year mean?

In India, there are three types of years. There are normal birthdays that you celebrate. That is the year that you consider aging is called the calendar year. It starts from Jan and ends in December. The next financial year. This is the year starting from April and ending in March. The current financial year starts from April 2024 and ends in March 2025. The year in which you pay income tax on the income that you have earned in the previous year. That is called the assessment year. This comes right after the financial year. So it starts from April 2025 and ends at March 2026
Rectangle 5937

Wait..would you like to get more like this?

Join 12,000+ readers who receive our insights decoding Personal Finance twice a week, so you can make the most out of your money.
No Spam. Only Finance
No Spam. Only Finance

Recent Posts

Why IRDAI bars ULIPs from being advertised as investment product

ULIPs combine insurance and investment, but hidden charges significantly lower returns compared to mutual funds. Understand IRDAI’s new restrictions on promoting ULIPs as investment products.

Tax rates of G20 Countries and India’s Global Standing.

Exploring the highest and lowest income tax rates across G20 countries and discovering how different nations tax their citizens, with India's highest rate at 30%.

Index Funds

Index funds make investing easy by tracking a market index, helping your money grow steadily. They offer lower fees and built-in diversification, providing a simple way to build long-term wealth.

Can you explain the major changes in capital gains taxation from the Budget 2024? I’m trying to figure out how these updates will impact my investments.

How much emergency fund should I have, and where to save it? Should I keep it in a separate account or invest?

Honestly, on the conservative side, one should have at least 12 months worth of living expenses as emergency savings and you cannot just create this once and forget about it.…

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Why join Dime's Tax Strategy Masterclass?

Comprehensive

Practical

Case Studies

This isn’t a normal masterclass. You will get a comprehensive hands-on experience of various “Tax Strategies” with our proven case-study based approach.

Get access to in-house built powerful Old vs. New Tax regime calculator, tax handouts, and more.
Thousands have benefited you can too!
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2000+ People have already saved Taxes