Assessee is a person by whom any tax or any other sum of money is payable under the IT Act and includes: •every person in respect of whom any proceeding under this Act has been taken for the assessment of his income or assessment of fringe benefits or of the income of any other person in respect of which he is assessable, or of the loss sustained by him or by such other person, or of the amount of refund due to him or to such other person ; •every person who is deemed to be an assessee under any provision of the IT Act ; •every person who is deemed to be an assessee in default under any provision of the IT Act.
Assessment year and previous year
Assessment Year means the period of 12 months commencing from the 1st day of April following the end of the respective financial year. Previous year means the financial year immediately preceding the assessment year.
Therefore, for the financial year 2007-08, the Assessment Year would be April 1, 2008 to March 31, 2009 (referred to as Assessment Year 2008-09). The Previous Year would be April 1, 2007 to March 31, 2008 (referred to as Previous Year 2007-08 or Tax Year 2007-08 or Financial Year 2007-2008).