Assessment year and Previous year
Assessment year
The term has been defined under section 2(9).
This means a period of 12 months commencing on 1st April every year.
The year in which income is earned in the previous year and such income is taxable in the immediately following year which is the assessment year.
Income earned in the previous year 2019-20 is taxable in the assessment year 2020-21.
The assessment year always starts from 1st April and it is always a period of 12 months.
Previous year
The term has been defined under section 3.
It means the financial year immediately preceding the assessment year.
As mentioned earlier, the income earned during the previous year is taxable in the assessment year.
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