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Financial Year (FY) And Assessment Year (AY)


wealthymattersThe financial year is the period between 1 April and 31 March in which you earn an income. Assessment year is the following year in which this income is assessed and taxed.Income is earned in FY and taxes on that income is paid in AY.

Financial year (FY) in Hindi is called वित्तीय वर्ष and assessment year (AY) in Hindi is called निर्धारण वर्ष.

Both AY and FY begin on the 1st of April and end on the 31st of March.

Since income for any particular financial year is evaluated and taxed in the assessment year, income tax return forms have AY. Read more of this post

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Free Financial Plan


wealthymattersWhether you decide to DIY or hire a financial planner,there is no denying that you can benefit by going through the process of defining yours goals,establishing a time frame,generating numbers to fulfill those goals, focusing on your risk taking appetite and ability,your incomes and expenditures,assets and liabilities etc.

Nowadays its common to get calls from assorted fund houses and advisory businesses offering to draw up a free financial plan for you.You could try them out as long as you can withstand sales pitches and walk away without buying products and services of dubious value  which you don’t need.Fee based financial planners too offer a free first consultation and might give you a sketchy plan as an incentive to hire them.

If you are looking for a planner you will be forced to kiss all the frogs around before you find one who will do.Even then as you progress wealth wise and experience wise you will outgrow your planners and advisers  For you, going out to meet these advisers is a must.However, if you are upto to do a DIY plan you could just use the link :Here and save yourself a lot of time and hassle.Most free plans are unlikely to be better than this.And this one is a good starting place and will give you some fast answers.

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