Which Year to Select for ITR Filing in India?
Which Year to Select for ITR Filing in India?
Simple Guide to Choosing the Right Financial Year & Assessment Year
One of the most confusing parts of filing your Income Tax Return (ITR) is choosing the correct year.
Should you select the current year, the year you earned the income, or the year after?
What is a financial year?
What is an assessment year?
In this blog, we’ll help you understand exactly which year you should select while filing your ITR, so you avoid mistakes, delays, and rejection.
🧾 What Is a Financial Year (FY)?
The financial year (FY) is the 12-month period in which you earn your income.
In India, a financial year runs from:
📅 1st April to 31st March
So:
• FY 2024–25 = Income earned between 1st April 2024 and 31st March 2025
📘 What Is an Assessment Year (AY)?
The assessment year (AY) is the year following the financial year in which you file your return and pay taxes on the income earned.
So:
• For FY 2024–25, the corresponding AY is 2025–26
Think of it like this:
You earn in FY, and you assess in AY.
🔍 Which Year Should You Select While Filing ITR?
When you go to file your return on the Income Tax Portal or any third-party platform (like ClearTax, TaxBuddy, etc.), you’ll be asked:
“Select the Assessment Year”
✅ Always choose the assessment year (not the financial year).
🗓️ Example:
If you are filing your ITR in July 2025 for income earned from 1 April 2024 to 31 March 2025:
• Financial Year = 2024–25
• Assessment Year = 2025–26 ✅ [This is what you must select while filing]
🛑 Common Mistakes to Avoid
Many taxpayers mistakenly select the financial year instead of the assessment year, which leads to:
• The portal is not accepting the return
• Filing under the wrong section
• Mismatch with Form 26AS, AIS, and TDS
• Refund delays or notices
💡 Pro Tip: How to Cross-Check
Use this thumb rule:
| If you earned income in | Choose this AY while filing |
| FY 2023–24 | AY 2024–25 |
| FY 2024–25 | AY 2025–26 |
| FY 2025–26 | AY 2026–27 |
📝 What If You’re Filing a Belated or Revised Return?
Even if you're filing late or revising an earlier return, the assessment year remains the same.
Example:
• Missed return for FY 2023–24 → You filed a belated return in FY 2024–25
• Still choose AY 2024–25, not AY 2025–26
Final Words
When filing your ITR, always choose the assessment year, not the financial year.
For income earned in FY 2024–25 (April 2024 – March 2025), select AY 2025–26 while filing the return.
Choosing the correct year ensures:
• Accurate processing of your return
• Proper credit for TDS and advance tax
• Timely refunds and compliance
Confused about which assessment year to choose for your ITR?
Get expert help to select the right year, avoid errors, and file confidently.
👉 https://callmyca.com/business-tax-filing
