Tax assessment year: Meaning and Definition

What does tax assessment year mean?

Tax assessment year is another name for Assessment Year (AY). The year immediately following the Financial Year in which income earned during the FY is evaluated and taxed.

The two names mean the same thing. You will see "tax assessment year" in some ledgers, reports and contracts and "AY" in others. The full entry covers how it works, with examples.

Read the full definition of Assessment Year (AY)

Topics

Due dates and calendars

From the glossary

Related terms.

Due dates and calendars Assessment Year (AY) The year immediately following the Financial Year in which income earned during the FY is evaluated and taxed. Also called tax assessment year Due dates and calendars Financial Year (FY) The 12-month accounting period from April 1 to March 31 used for tax filings, financial reporting, and statutory compliance in India. Also called accounting year, tax year TDS TDS (Tax Deducted at Source) A system where the payer deducts income tax at prescribed rates before paying the payee, and deposits it with the government on the payee's behalf. Also called withholding tax, tax deduction at source, tax withheld at source Vendor onboarding PAN (Permanent Account Number) A unique 10-character alphanumeric identifier issued by the Income Tax Department of India to every taxpayer. Also called PAN card, PAN number TDS returns and challans Form 16 A TDS certificate issued by employers to employees certifying the salary paid, tax deducted at source, and deposited with the government. Also called salary TDS certificate Due dates and calendars Advance Tax Advance tax is the income tax paid in instalments during the financial year in which the income is earned, rather than as a lump sum at year-end, as mandated by the Income Tax Act. Also called advance income tax, pay-as-you-earn tax

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