Tax Year under the Income Tax Act 2025 Earlier, terms like Previous Year and Assessment Year were used in taxation, but they often confused taxpayers as they referred to different financial years. To remove this confusion and to align with global practices, the Government has introduced the concept of a Tax Year. A Tax Year is simply a period of twelve months falling within a financial year. From now onwards, all assessments of income and rates of tax will be linked with the Tax Year. The major
Tax Year under the Income Tax Act 2025 Earlier, terms like Previous Y…
865 views4 weeks ago
FacebookCA Devesh Thakur
Many students and professionals get confused between the concept of Tax Year and Assessment Year, especially when a new Income Tax Act 2025 comes into effect. Here is a simple explanation to clear the doubt. Suppose the new Income Tax Act 2025 starts from 1 April 2026. People often think the Tax Year 2026-27 of the new Act will clash with the Assessment Year 2026-27 under the Income-tax Act, 1961. The answer is no. There is absolutely no conflict because both terms deal with different income per
Many students and professionals get confused between the concep…
2.1K views4 weeks ago
FacebookCA Devesh Thakur
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