Multiply India - Information on Financial Planning

Assessment Year or AY is the year following the financial year. The income you earned in the Financial Year or FY will be taxed in the assessment year. You should select code 0021 at the time of filing your ITR if you are a non-corporate taxpayer.

Example:
For example: Income earned in FY 2021-22 will be taxed in AY 2022-23.