GLOSSARY · NRI: INDIANS IN THE US
Indian tax year (financial year, assessment year)
India's tax year runs from 1 April to 31 March. Under the 1961 Act the income of a financial year was assessed in the following assessment year; under the Income-tax Act, 2025, in force from 1 April 2026, the year is simply the tax year. Because the US tax year is the calendar year, interest and tax certificates from Indian banks usually need to be split to match a US return.
Also called: financial year, FY, assessment year, AY, tax year India, April to March
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CHAPTER · TAXES ON BOTH SIDES · STRATEGIESFiling in the US With Indian IncomeCHAPTER · TAXES ON BOTH SIDES · STRATEGIESFiling in India as an NRIRELATED TERMS
SOURCES
- The Income-tax Act, 2025, sections 1 and 3. Gazette of India, 21 August 2025.