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.
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