Sorry for unmarking the answer as Correct.
Actually, when I created the Filter Pane and add the respective two columns ( Fiscal Year and Month) from the Master Calendar, I am getting an additional Fiscal Year output of "2016/17" where in my data set, I do not have data related to 2016/17.
The date format I am using is d/mm/yyyy. Even surprisingly, the 2016/17 also got some data values which I cannot figure it out. Is it some issue with the use of Filter Pane or should I use some additions to the above?
Awaiting for your reply.