Question

define the term assessment year​

Answer 1

Answer:

Previous Year is the financial year, in which the assessee earns income. Assessment Year is the financial year, in which the income of the assessee earned during the previous year is evaluated and taxed. ... The year in which income tax liability for the previous year arises.

Answer 2

Answer:

Assessment year simply means the year in which the assessment of the income of an assessee for the previous year is carried out in order to determine the tax.