What is the financial year of india?

Question

Question

This question was previously asked in

MPPGCL JE Electrical 01 June 2024 Shift 1 Official Paper

Answer 1

The Correct answer is 1st April to 31st March.

Key Points

The financial year in India runs from 1st April to 31st March of the following year.
This period is used for accounting and tax purposes, aligning with the Government of India's fiscal calendar.
Aligning the financial year with this period helps in the systematic budgeting and financial planning for both the public and private sectors.
The Indian Government presents its annual budget in the month of February, which is then implemented from 1st April.
This practice aligns with the financial years of many other countries, facilitating international business transactions and financial reporting.

Additional Information

1st January to 31st December
- This period is used by some countries as their calendar year for financial purposes.
- Most countries in the world, including the United States, follow this calendar year for their financial reporting.
1st July to 30th June
- This financial year is adopted by some countries like Australia and Egypt.
- It helps align the fiscal year with specific seasonal economic activities.
1st March to 29th February
- This financial year period is not commonly used by any country.