PREVIOUS YEAR AND ASSESSMENT YEAR – Income Tax
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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