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of <h1>Income tax is charged in the assessment year on income earned in the previous year, 1 April to 31 March</h1> Income-tax is levied on a person's annual income, with the fiscal year running from 1 April to 31 March. The year in which income is earned is the 'previous year' and the following year, when that income is assessed for tax, is the 'assessment year.' Thus income earned between 1 April 2025 and 31 March 2026 is the previous year 2025-26 and will be charged to tax in the assessment year 2026-27.
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