Question
Download Solution PDFWhich of the following is the correct duration of ‘Financial Year 2022 - 23’ in India?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is 1 April 2022 to 31 March 2023.Key Points
- The financial year in India starts on 1 April and ends on 31 March of the next year.
Additional Information
- The financial year in India is important for businesses, individuals, and the government as it is used for taxation purposes and financial reporting.
- The Indian financial year is different from other countries such as the United States, where the financial year starts on 1 October and ends on 30 September.
- The Indian financial year was previously known as the 'Previous Year' and was changed to 'Assessment Year' in 1961 after the Income Tax Act came into effect.
Last updated on Jul 15, 2025
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