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IN Tax 2024

iCalculator™ IN: Assessment Year

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Assessment year is a commonly used term by the Indian income tax department. If you have to file your income tax returns, either online or offline, or fill up any income tax form, you need to know the assessment year. In some countries, assessment year is also known as the tax year.

Assessment year in detail

Assessment year is different from a financial year. Assessment year is the year following the financial year, and it is used for filing tax returns of a particular financial year.

Example 1: Financial year 2024-2025 starts from April 1st 2024 and ends on March 31st 2025. If you have to file your income tax return for FY 2024-2025, you will be writing your assessment year as 2025-2026.

Assessment year also begins on April 1st and March 31st, so assessment year 2025-2026 begins from April 1st 2025 and ends on March 31st 2026.

Why is the assessment year confusing?

Assessment year can be confusing at times because you won’t see it on any of your financial documents. Whether it’s your bank statements or salary slip or any other documents, they will all show the financial year.

Example 2: Suppose you want to file your returns for the financial year ending 31st March 2025. If any of your financial documents have year information, it will be financial year 2024-2025. But, when you go to the income tax website you will be asked for an assessment year. A common mistake will be to assume the assessment year same as the financial year, but it is the year after the financial year.

Some more examples:

Assessment Year 2026-2027 will be used for filing returns of all income received between 1st April, 2025 and 31st March, 2026.

When filing taxes for any income earned between 1st April, 2012 and 31st March, 2024, you will have to use assessment year 2024-2025 in your income tax forms.

You can try our tax calculator to calculate your tax liabilities.

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