MANAGEMENT

Detailed explanation-1: -According to the Income Tax Act, such a period begins from 1st April of the calendar year to 31st March of the next calendar year. It is abbreviated as “FY”. For example, for the financial year starting from 1st April 2021 and ending on 31st March 2022, it can be written as FY 2021-22.

Detailed explanation-2: -Financial year: In India, the financial year begins on 1 April and ends on 31 March. The financial year 2020-21, for example, runs from 1 April 2020 to 31 March 2021. You must file income tax returns declaring the income earned during this period by 31 July 2021.

Detailed explanation-3: -The updated ITR can be filed within 24 months from the end of the relevant assessment year. So an individual taxpayer can file an updated income tax return for FY 2021-22 (AY 2022-23) between April 1, 2023, and March 31, 2025.”