What is the difference between income year, financial year
and FBT year?
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Answer Posted / hafez ahammed sumon
Income Year: The year or 12 months period (based and may varies on country's tax law or Act) in which tax is levied(imposition of tax) on income earned in the financial year.
Financial Year: Generally it is the year of 12 months period and start from January to December but it can start from any month.Ex: in Bangladesh 1st July to 30 June.
FBT (Fringe Benefit Cost): It is the year of 12 months in which FBT is calculated and deposited.
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