Pending professional review. This content was drafted with Claude from official sources and has not yet been reviewed by an ArthaKara professional. Verify against the official sources before relying on it.
Simple meaningThe financial year in which income is earned (under the 1961 Act).
Relevant ActIncome-tax Act, 1961
Section / ruleSection 3
Technical meaning
The financial year immediately preceding the assessment year.
Practical example
For AY 2026-27, the previous year is FY 2025-26.
Related terms
Official reference
Income-tax Act, 1961, Section 3
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