Meaning of Assessment Year
The year in which your income is assessed is known as the assessment year. The period for the assessment year starts on 1st April and ends on 31st March of the next year.
In other words, An assessment year (AY) is the year following the financial year (FY) in which you have earned an income. It is the year in which you have to file your income tax return and pay taxes on your income.
Example of Assessment Year (A.Y.)
If you have earned an income in FY 2022-23, which is from 1 April 2022 to 31 March 2023, then the assessment year for that income is AY 2023-24, which is from 1 April 2023 to 31 March 2024