‘Tax Year’ Replacing ‘Assessment Year’ In New Income Tax Law From 1 April 2026: Will It Impact Your Taxes? EXPLAINED
New Delhi: The new income tax law, coming into effect from 1 April 2026 will see several changes — one being replacement of terms ‘Previous Year’ and ‘Assessment Year’ with Tax Year. What Is A Tax Year? A ‘tax year’ is a period of twelve months contained in a financial year. It replaces the term ‘previous year’…