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Glossary / Also known as

Tax year

Another name for Financial Year (FY).

Other names
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What does tax year mean?

Tax year is another name for Financial Year (FY). The 12-month accounting period from April 1 to March 31 used for tax filings, financial reporting, and statutory compliance in India.

The two names mean the same thing. You will see "tax year" in some ledgers, reports and contracts and "FY" in others. The full entry covers how it works, with examples.

Read the full definition of Financial Year (FY)

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Related terms.

Due dates and calendars Financial Year (FY) The 12-month accounting period from April 1 to March 31 used for tax filings, financial reporting, and statutory compliance in India. Also called accounting year, tax year Due dates and calendars Assessment Year (AY) The year immediately following the Financial Year in which income earned during the FY is evaluated and taxed. Also called tax assessment year ROC filing Annual Return A mandatory yearly filing submitted to the Registrar of Companies summarizing a company's financial and operational activities. Also called Form MGT-7, company annual return, ROC annual return TDS TDS (Tax Deducted at Source) A system where the payer deducts income tax at prescribed rates before paying the payee, and deposits it with the government on the payee's behalf. Also called withholding tax, tax deduction at source, tax withheld at source Due dates and calendars Advance Tax Advance tax is the income tax paid in instalments during the financial year in which the income is earned, rather than as a lump sum at year-end, as mandated by the Income Tax Act. Also called advance income tax, pay-as-you-earn tax Due dates and calendars Compliance Calendar A structured schedule of all regulatory filing deadlines and statutory obligations a business must fulfill throughout the year. Also called statutory due date calendar, filing calendar, compliance tracker
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