The Central Board of Direct Taxes (CBDT) has notified the Income Tax Returns (ITR) for Financial year 2014-15 (Assessment Year 2015-16). The new ITR forms have been released by CBDT for FY 2014-15 Income Tax Returns Filing.
What is Assessment Year & Financial Year?
Financial year (FY) is the year in which you have earned the income. If you are filing a return this year, the financial year will be 2014-15. For example, if you have had an income between 1st April 2014 and 31 March 2015, then 2014-15 will be referred to as FY. Assessment Year (AY) is the year in which you file returns i.e., 2015-16. The last date to file returns for the financial year 2014-2015 is July 31st 2015.