Introduction of Tax Year in Income Tax Act wef 01.04.2026
Earlier:
- Two confusing terms:
- Previous Year (you earn) + Assessment Year (you file)
WEF: 01.04.2026:
- Tax Year=the year you earn income and file taxes
How will it affect you?:
- Tax Year 2026 =income earned Apr 2025-Mar2026. Simpler, cleaner, less confusing for everyone.
source:
