What is Financial Year (FY), Previous Year (PY) & Assessment Year AY)?

Financial Year

It is a period which start from 1^st April & end on 31^st March. It is the year in which the taxpayer earned the Income.

As per  Income tax Act – It is known as a Previous Year

Assessment Year

Assessment year (AY) is the year following the financial year, in which your income is assessed. This also lasts from 1 April to 31 March and is the year in which you file your income tax returns for the taxes paid in the relevant financial.