Assessment Year
/əˈsɛsmənt jɪər/
Definitions
- (n.) The financial year in which income is assessed for taxation purposes, typically following the year in which the income was earned.
The income earned in the financial year 2022-23 is reported in the assessment year 2023-24.
Forms
- assessment year
- assessment years
Related terms
See also
Commentary
The term is primarily used in tax law contexts to specify the year in which income is evaluated and taxed, distinct from the year income was actually earned.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.