Assessment year the year in which year your Total Income is assessed, e. g. If you are earning 750000/- in 2007-2008 (1 st April 2007 - 31st March 2008), then this Income will assessed (Calculated) in the Financial year 2008 - 2009.It means that Assessment year is 2008 - 2009, and Last year is 2007 - 2008. |