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Union Budget Series: Key terms in the Budget

Financial year and assessment year. Financial year (FY) runs from April 1 to March 31 of the next year; assessment year (AY) is the year following the FY. Tax on income earned in an FY is paid during the AY.

March 03, 2017 / 14:15 IST
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Financial year and assessment year. Financial year (FY) runs from April 1 to March 31 of the next year; assessment year (AY) is the year following the FY. Tax on income earned in an FY is paid during the AY.Watch video for more ...

TAGS: #annual borrowing #Arun Jaitley #assessment year #Budget speeches #budgetseries #capital expenditure #Chief Economic Adviser #Economic Survey #expense account #expenses #Finance Minister #Finance Ministers #financial year #fiscal deficit #Income #non-tax revenue #receipts book #record #revenue expenditure #Special Videos #Tax on income #tax revenue #Treasury bills #Union Budget
first published: Mar 3, 2017 02:11 pm

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