How do we can manage huge data so that their is not issue in figuring the reports and all the data of last years are updated to new one with same filelds
You can just store data for all years in the one table and have your report query return only those records with a particular year value. An index on the column that contains the year would probably help this as well.
However, if that's not desired, the other thing I can think of is you can create an archive table and every new year have a script move the data from the main table to the archive table. Then only data for the current year would be in the main table and you could still easily look up historical data if necessary.