Assessment Year (AY)

Tax Glossary Definition

Assessment Year (AY)

The Assessment Year is the 12-month period immediately following the financial year in which the income earned during the financial year is evaluated, taxed, and reported to the Income Tax Department. During this year, taxpayers file their Income Tax Returns (ITRs) and the department assesses the tax liability based on the income of the previous financial year.

Example: Income earned during the Financial Year (FY) 2024–25 will be assessed and taxed in the Assessment Year (AY) 2025–26.

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