charteredclub.com What is Financial Year, Fiscal Year & Assessment Year in India The Balance Sheet and Income statement of companies across the Globe are usually prepared for a period of 1 year. However, the date from which this period starts varies from country to country. In India, this 1 year period starts from 1 st April and ends on 31 st March . This period in which the income is earned is known as the Financial Year or Fiscal Year. The income tax returns are filed and taxes for a company are usually paid in the next year after the end of the Financial Year. This next year in which the income is assessed to tax is called as the Assessment Year . So in case the accounts are being prepared for the year starting 1 st April 2013 and ending on 31 st March 2014, this period would be called Financial Year 2013-14. And this income would be assessed to tax in the next year and this period would be called as Assessm...