consult accountancy rules, principals,etc.
2006-06-18 18:30:23 · 4 answers · asked by shweta s 1 in Business & Finance ➔ Taxes ➔ India
In India, it is for the income-tax purpose, and Central and state governments accounting matching with each other; that the financial year begins on 1st April every year.
However, for all other business entities, one is free to follow any dates of 12 calender months as their financial year. However, each one has to prepare and provide tax returns on 1st April to 31st March basis.
2006-06-19 17:55:40 · answer #1 · answered by helpaneed 7 · 1⤊ 0⤋
• Calendar year - 12 consecutive months beginning January 1 and ending December 31. • Fiscal year - 12 consecutive months beginning April 1 and ending March 31. Why does India Inc have financial year ending as Mar 31 and not in December? It is Possible to Merge Both Fiscal and Calendar Year and streamline both The financial year And calendar year ?
2016-05-20 01:35:47 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Only for Income Tax Act, it is 1st April of every year.
Under the companies act, etc, the Company/firm/ entity is free to determine their own financial year, in any case it must be 12 calender months, regardless of the start date.
2006-06-20 16:31:41 · answer #3 · answered by The Guru® 5 · 0⤊ 0⤋
Fiscal years can start whenever the company declares on their articles of incorporation. It could be any date or for any reason they choose as long as it is an actual date.
The rules may be different in India, but that is how they generally work in the US. Hope this helps.
2006-06-18 18:34:34 · answer #4 · answered by Mister_fin 3 · 0⤊ 0⤋