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Assessment year
defination assessment year
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Assessment year (AY) is the year that comes after the Financial Year.
This is the time in which the income earned during Financial Year is calculated and taxed.
This is the time in which the income earned during Financial Year is calculated and taxed.
As per section 2(9) of the Income Tax 1961,
"assessment year" means the period of twelve months commencing on the 1st day of April every year.
"previous year" means the financial year immediately preceding the assessment year
The financial year for which return is filed is called previous year. and financial Year in which return is filed is called AY.
For example if you filling for 20-21 financial year then your assessment year will be 21-22
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