Glossary term
Financial Year (FY)
1 April to 31 March in India. FY 2025-26 means 1 April 2025 to 31 March 2026.
The Indian financial year runs from 1 April to 31 March. FY 2025-26 covers 1 April 2025 to 31 March 2026. Income earned in a financial year is taxed in the next financial year (the Assessment Year).
Most tax-planning deadlines — 80C, 80D, NPS contributions — are tied to the financial year, not the calendar year. Last-minute tax savings happen in February and March.