Pending professional review. This content was drafted with Claude from official sources and has not yet been reviewed by an ArthaKara professional. Verify against the official sources before relying on it.
Simple meaningThe single year concept that replaces 'previous year' and 'assessment year' under the new Act.
Relevant ActIncome-tax Act, 2025
Section / ruleDefinition of tax year
Technical meaning
Under the Income-tax Act, 2025, income is computed and taxed by reference to the tax year (the twelve-month period beginning 1 April), applying from 1 April 2026.
Practical example
Income earned from 1 April 2026 to 31 March 2027 falls in Tax Year 2026-27.
Related terms
Official reference
Income-tax Act, 2025, Definition of tax year
Information published by ArthaKara Consulting Services is intended for general educational and informational purposes. It is based on the statutory provisions and official information referenced on the respective page as of its stated verification date. Laws, rules, notifications and regulatory interpretations may change. Readers should independently verify the applicable provisions and seek professional advice before taking action. ArthaKara is an independent professional information and consulting platform and is not a government website or government-endorsed portal.