New Income Tax Bill likely to introduce 'tax year'

The New Income Tax Bill will do away with the 'assessment year' and likely introduce the concept of 'tax year', reports said. The concept is being introduced as several taxpayers confuse the 'assessment year' and 'financial year' (previous year) when filing taxes. The tax year, like the financial year, will be the 12-month period from April 1 to March 31.