Under the Income-tax Act, 2025, the period of twelve months of the financial year commencing on 1 April…

The Income-tax Act, 2025 uses the single concept of the "Tax year", meaning the twelve-month period of the financial year commencing on 1 April; it replaces the separate 'assessment year' and 'previous year' of the Income-tax Act, 1961 (formerly defined in sections 2(9) and 3). For a newly set-up business or a new source of income, the first tax year begins on the date of setting up or of the new source and ends with that financial year.