Define assessment year.
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Answer / Vinmay Lohani
The term 'Assessment Year' in the context of Income Tax refers to a 12-month period commencing on the 1st April and ending on the 31st March of the following year. For example, if we are currently in the Assessment Year 2022-2023, it covers the financial transactions from 1st April 2022 to 31st March 2023.
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