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:

Posted by Accounting & Taxation at 12:34 AM

Labels: Income Tax, Income Tax Updates