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Questions and Answers
What is the assessment year according to the Income Tax Act, 1961?
What is the assessment year according to the Income Tax Act, 1961?
The assessment year is the year in which the income of the taxpayer is assessed, verified, and taxed, following the previous year in which the taxpayer earns income.
What activities take place during the assessment year?
What activities take place during the assessment year?
During the assessment year, the income tax return is filed, the tax liability is computed, and any taxes due are paid.
When does the assessment year start?
When does the assessment year start?
The assessment year starts from 1st April every year and is a period of 12 months.
