Explain Financial Year or Fiscal Year of India
The term Financial Year or the Fiscal Year is defined as the period of time (1 year) in which income is earned. The Annual financial statement of India is documented as the main budget given by the Finance Minister of India. The document depicts the expenses and revenue for the financial year. This document is moved by the legislature and then signed by the President or the chief executive.
Here are the most expected answers to why does financial year in India starts from 1st April and not 1st Jan-
- The financial year of the UK starts from 1st April. Britishers applied the same concept for their country and for India pre-independence. After independence, India didn’t change the concept.
- The month of November and December are considered the months of festive seasons. During this period, the inventory is very fast. Also, the employees of a lot of organizations are on vacation.
- The crop season in India starts in April and ends in March.
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