Previous Year vs Assessment Year vs Tax Year 2026

Mitali , Last updated: 04 May 2026 Share Follow on Google News

Overview From April 2026, Income tax system has made major transformation by bringing the concept of the Tax Year under the Income Tax Act, 2025. This reform aims to simplify the long-standing confusion between Previous Year (PY) and Assessment Year (AY). Before 2026, taxpayers had to deal with

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About the Author

Mitali

Finance Professional

I write about Income Tax, GST, TDS, RBI updates, government schemes, and personal finance in India. My focus is on simplifying complex tax and compliance topics into easy-to-understand guides that help readers stay updated with the latest financial rules, investment options, and regulatory changes.

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