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Definitions from the Web

Assessment Year

Definition: Assessment year refers to the period of time during which a taxpayer's income and tax liabilities are evaluated by the taxation authority.

Examples

Noun:

• The assessment year for this tax return is from January 1, 2022, to December 31, 2022.
• During the assessment year, individuals must file their income tax returns.

Related Products: Income Tax Preparation Software, Taxation Books