Tax Year vs Assessment Year vs Previous Year — What Changed on 1 April 2026 Under the Income Tax Act, 2025 (and What It Means for Your AY 2026-27 ITR)
Income-tax Act, 2025 came into force 1 April 2026 — 'Previous Year / Assessment Year' replaced by a single 'Tax Year'. But your AY 2026-27 ITR (FY 2025-26 income), filed by 31 July 2026, is still under the 1961 Act. Tax Year first applies from FY 2026-27. Full transition map inside.
Karan Malhotra
@ca_karan
Audit and assurance work out of Chandigarh — bank and statutory audits, mostly. Passionate about clean financial reporting.