Assessment Year (AY)
Definition
The calendar year immediately following the Financial Year in which the Income Tax Department assesses and processes your income tax return.
In Context
FY 2025-26 (April 2025 – March 2026) is assessed in AY 2026-27. ITR due dates, TDS certificates, and challan numbers all reference the AY. Always confirm AY when filing to avoid cross-year errors.
Related Terms
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