Under the Income-tax Act, 2025, the twelve-month period of the financial year beginning on 1 April, for which total income is computed, is called the

Section 3(1) of the Income-tax Act, 2025 defines the tax year as "the twelve months period of the financial year commencing on the 1st April". The Act replaced the Income-tax Act, 1961 from 1 April 2026 and dropped the old 'assessment year', under which income earned in one year was assessed in the following year. 'Accounting year' is a bookkeeping term and 'income year' is not a term the Act uses.