Difference between assessment year and financial year

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Confused between Financial Year (FY) and Assessment Year (AY)? 😵‍💫

Don’t worry, we’ve got you covered! In Episode 4 of ITR Filing 101, we explain the difference between these two terms.
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I started in may 2024, do I need to file tax?

Zawesomeday_
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Nice but
1. Why is there a need to assess income is the question?
2. Politicians have unknown incomes, why not assess them first ?

Krustap