Concept of Previous Year and Assessment Year:

Current Financial Year is 2018-19

• It starts from 1 April 2018 till 31 March 2019
• ITR Will be filed after end of the year
• Since ITR is filed in next year,Financial Year 2018-19 is called Assessment Year 2019-20

Similarly

• Last Financial Year was 2017-18
• It started from 1 April 2017 till 31 March 2018
• ITR to be filed after the end of year
• Since ITR is filed in next year,Financial Year 2017-18 is called Assessment Year 2018-19

 

Hence in Income Tax,Current Financial Year is called Previous Year

and Assessment Year is one year ahead