The financial year (FY) in India runs from 1 April to 31 March. It is the year in which your income is earned. For example, income earned between 1 April 2026 and 31 March 2027 is FY 2026-27, and it is taxed in the assessment year AY 2027-28. The Income Tax Act 2025 is in force for FY 2026-27 and onwards.
