In the Indian accounting system, it is a one year period which starts from 1st April and ends on 31st March. The financial year is the period in which income is earned. It is also known as the Fiscal year. The income earned is assessed, taxed, and evaluated in the very next year of the financial year which is known as the Assessment Year. Assessment Year also starts on 1st April and ends on 31st March. For example for the Financial Year 2020-21, the Assessment Year will be 2021-22. The Financial Year is commonly denoted as F/Y and Assessment Year is denoted as A/Y.