Financial Year, Assessment Year और Tax Year: सही Year कैसे चुनें?

Financial year describes the income period. Under the earlier framework, assessment year generally followed that financial year. The new Act uses the Tax Year framework for the applicable period from 1 April 2026. Historical records still need their original year labels; the terms cannot be swapped indiscriminately. ^{[1] [2]}

Start from dated transactions

List salary, business receipts, interest, property transfers and other income with their relevant dates and tax-recognition basis. Establish the reporting period before importing portal data. A payment received in one year can need examination of a different recognition or accrual position depending on the facts.

Match the portal and supporting records

Select the correct return utility and payment year. Reconcile information statements and certificates for that period, not the latest download by default. For an old return, demand or correction, keep the assessment-year reference used in the original record. ^[2]

Practical preparation checklist

• Income-period start/end dates.
• Applicable FY/AY or Tax Year label.
• Matching statements, certificates and utility.
• Correct payment/return/notice reference before submission.

Illustrative example

Salary earned during FY 2025–26 belongs in the relevant AY 2026–27 return framework. Income arising in the next income period should be separately organised under the applicable Tax Year framework. The two sets of records must not be merged into one return.

Avoid this mistake

Do not choose a year merely because it is the largest number displayed in a dropdown. A wrong-year challan or return can create reconciliation and correction work. Check the period again before final payment and filing approval.