Assessment Year [Sec. - 2 (9)]
Meaning and Definition
Assessment year refers to a year in which financial year is assessed. Assessment year is the evaluation year of the financial year.
Explanation
If a person "A" earned income in financial year 2016-17, then he will pay income tax in assessment year 2017-18.
Assessment year may be defined as a year in which the income of the previous year is to be assessed.
Or
Assessment year is the tax calculation year.Explanation
If a person "A" earned income in financial year 2016-17, then he will pay income tax in assessment year 2017-18.
Definition:-
Previous year [Sec. -3]
Meaning and Definition
Previous year refers to the year in which income is generated. The income of the previous year is taxed in the immediately following assessment year.
Definition:-
Previous Year means financial year, which is immediately preceding the assessment years.
| Introduction to Income tax Act 1964 | ||
| Sr. No. | Subjects Name |
Links
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Previous years & assessment years
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2
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Assessee
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3
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Persons
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4
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Concept of HUF
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