Tax Year Explained | Previous Year & Assessment Year Removed | Income Tax Act 2025 #shorts

Tax Year Explained | Previous Year & Assessment Year Removed | Income Tax Act 2025 #shorts #viralshorts #incometaxact2025 #incometax #cadeveshthakur #viral #trending @classesbyCADT

Confused between Previous Year, Assessment Year and Financial Year?
Income Tax Act 2025 introduces a single concept — Tax Year.

In this short, understand:
• Why Previous Year & Assessment Year are removed
• What exactly is Tax Year
• Why Financial Year still exists
• Can Tax Year be less than 12 months?
• Why Tax Year 2026-27 does NOT clash with AY 2026-27 (FAQ 1.5 explained)

📚 Day 2 of 15 Days Income Tax Act 2025 Series
Perfect for CA, CS, CMA, B.Com students and tax professionals.

This concept is crucial for:
CA Inter | CA Final | CMA | CS | B.Com | Direct Taxation | Exams & Practice

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👆 Follow @cadeveshthakur for the complete 15-day Income Tax Act, 2025 series

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Still confused between Previous Year, Assessment Year & Tax Year?

📚 Day 2 of 15 Days Income Tax Act 2025 Series
👉 Tax Year replaces PY & AY
👉 Financial Year still used for compliance
👉 No clash between AY 2026-27 and Tax Year 2026-27 (FAQ 1.5)
💬 Comment “IT-2” if you want the full explanation blog

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