Know the difference between FY and AY under Income Tax Act
FY is the year in which you earn income and AY is the year in which you pay tax on earned income
A New Route of Tax Knowledge
Financial Year
FY is the year in which you earn income and AY is the year in which you pay tax on earned income
Sometimes a financial year is also called a fiscal year or sometimes a budget year. it also varies from country to country and also depends on the situation.