Financial Year (FY)
Definition
In India, financial year runs from April 1 to March 31. Income earned during this period is reported in the ITR filed in the following Assessment Year.
In Context
FY 2025-26 = April 1, 2025 to March 31, 2026. ITR filing deadline is typically July 31 of the Assessment Year, but for FY 2025-26 income it has been extended to August 31, 2026. Advance tax is also paid in quarterly instalments within the FY.
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