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Glossary

Tax year

The single 12-month period (1 April to 31 March) used by the Income-tax Act 2025 for both earning and assessment. It replaces the 1961 Act's two-term system of 'previous year' (when you earned) and 'assessment year' (when you were assessed). Income earned from 1 April 2026 belongs to Tax Year 2026-27.

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