Ostroff, Fair and Company
*Ostroff, Fair and Company>>>India Taxes

Why financial year begins from 1 april every year not any other date?


consult accountancy rules, principals,etc.

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.
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.
Experience filling out these forms.
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.
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