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In India we follow the financial year 1 st April to 31 st March. This financial year is a legacy left behind by the British. It was the East India Company which first brought this concept of 1 st April to 31 st March as the Financial year while they were ruling the undivided India. What is a Financial Year (FY)? The Financial Year (FY), also known as the Previous Year, is the period during which you earn income. In India, a financial year always runs from April 1st to March 31st of the following calendar year. Master the UK financial year 2024/25 with our comprehensive guide to tax deadlines, HMRC requirements, and expert accounting tips. Essential reading for businesses and individuals. Companies may select a financial year that aligns with their business cycles or industry norms to facilitate financial planning and reporting. Governments may choose a fiscal year that allows for better budget management and allocation of resources to meet public needs.
