Glossary
Assessment Year
Assessment Year
Assessment Year (AY) The Assessment Year is the 12-month period starting on April 1 [VERIFY] during which a taxpayer’s income earned in the immediately preceding financial year is evaluated, taxed, and the income tax return is filed.
Where it appears in practice
It is essential when filing Income Tax Returns (ITR), as the forms and tax rules apply to a specific AY. Deadlines, such as July 31 [VERIFY] for individuals, are tracked by the AY.
A worked example
Income earned between April 1, 2023, and March 31, 2024 (Financial Year 2023-24), will be assessed and taxed in the Assessment Year 2024-25, starting from April 1, 2024.
Related terms
- Previous Year
- Financial Year
- Income Tax Return (ITR)
Let the practice handle it
This term sits inside real compliance work — returns, filings, and deadlines. That work is one of the services the practice runs end to end.
Income Tax Returns