2007-03-05 21:04:37 · 3 answers · asked by raushan saraf 1 in Business & Finance ➔ Taxes ➔ United Kingdom
bcoz it ends on 31st march.
2007-03-05 21:20:19 · answer #1 · answered by Anonymous · 0⤊ 0⤋
There is no such rule as such. Government of India has taken financial year from 1 April of year to 31st March of next year as financial year. Individuals/firms can have their own financial years. Like Diwali to Diwali or 1 st January to 31 st December. India is basically an agricultural country. The main crops give income during January to March every year.
As such accounting of April -March is more suitable for our country. Since Government of India is following April-March as the financial year, all major companies and banks also follow the same. Since different taxes applicable for different financial years, it is easier if you also follow the same as your financial year. But as such there is no rule that the financial year should start on 1 st April and should end on 31st March.
2007-03-08 13:24:42 · answer #2 · answered by arpita 3 · 0⤊ 0⤋
all new crops will reach homes by that time, and new years will start along nature conditions
2007-03-06 07:02:33 · answer #3 · answered by dattatreyulu r 1 · 0⤊ 0⤋