2007-12-10 22:36:35 · 9 answers · asked by amir jain 1 in Business & Finance ➔ Taxes ➔ United States
FOr many places this is the end of the tax filing time period.
Basically for businesses you can have a financial year start when you want. What is better for your business? This is to accomodate tax filing etc. SO you can have it as from the day you started the business or make it another time frame.
Some gov'ts do it as the first sessions the gov't sitting to conduct business for the new year is not in January necessarily, but rather a little later so the new fiscal year starts then rather than following a calendar year.
It is just to confuse the rest of us. Also if eveyone filed for dec 31 the tax dept would be under a lot of paperwork for a couple of months (well that happens anyway with the march deadline). They have allowed a period to file after the holidays.
2007-12-10 22:54:18 · answer #1 · answered by Anonymous · 0⤊ 0⤋
a million) The earnings-Tax Act exchange into enacted in 1961. The Act got here into stress from April a million, 1962 and subsequently our financial 3 hundred and sixty 5 days starts off on April a million each and every 3 hundred and sixty 5 days. 2) so as that accounting 3 hundred and sixty 5 days doesnt coincide with the sessions of severe pastime, alongside with Christmas and New 3 hundred and sixty 5 days. 3) Inventories are greater for the duration of December end, subsequently making it complicated to degree accurately. 4) India being an agricultural financial device, gross sales usually relies upon on the unpredictable effect of the main crop being ripe in feb./march.
2016-12-17 14:20:22 · answer #2 · answered by Anonymous · 0⤊ 0⤋
In the US, the Federal government currently operates on a 1 Oct - 30 Sep fiscal year. Governments and businesses are free to operate on any fiscal year that they choose.
2007-12-11 00:00:50 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
To make fool everybody through proper financial data.
2007-12-10 22:40:20 · answer #4 · answered by natrayan1975 3 · 0⤊ 0⤋
Because the Indian Government Presents it's budget in the previous month. So all companies may plan their budgets.
2007-12-10 22:53:11 · answer #5 · answered by Harisevak 4 · 0⤊ 0⤋
A corporation can have whatever it wants to for its fiscal year.
The tax year for individuals is almost always the calendar year, January to December.
2007-12-11 03:41:07 · answer #6 · answered by Judy 7 · 0⤊ 0⤋
april fools day is a great day to start ,
2007-12-10 22:39:20 · answer #7 · answered by Anonymous · 0⤊ 0⤋
following british system ,. that is all nothing special
2007-12-10 22:40:51 · answer #8 · answered by vep 4 · 0⤊ 0⤋
There should be one day to start. This day is famous..........you know.
2007-12-10 22:41:21 · answer #9 · answered by Honey786 4 · 0⤊ 0⤋