Its good to know the concept of Assessment Year, it is the fiscal year next to the financial year I am doing my tax return work. For instance, for financial year 2024-25, the year that just ended , the assessment year would be 2025-26. Important because tax laws always talk in terms of ‘Assessment Year’, so I just need to remember that tax is always ahead of me (by a year) in the sense that Assessment Year means the fiscal year just before it.
