Section ______ of the Income Tax Act, 1961, defines the term ‘Assessment Year’.

As per Section 2(9) of the Income Tax Act, 1961, unless the context otherwise requires, the term ‘assessment year’ means the period of twelve months commencing on the 1st day of April every year. Basically the Assessment year is considered to be a 12 months period starting from April 1, during which an assessee is required to file the return of income (ITR) for the previous year and the ITO has to initiate assessment proceedings for such returned income and tax thereon. Since Income Tax is on income of a financial/ previous year or period, so tax filings and assessment can start thereafter