You must Sign In to post a response.
  • Category: Miscellaneous

    Is there any reason for Indian financial year starts on April 1 every year?

    Every year our financial year ends on March 31 st and New financial year starts on April 1st. Actually the financial budget time was changed from last day of February to 1st of February by BJP government. Why our financial budget starts on April 1st but not on some other day. Is there any specific reason for this? What are the countries following in the case of new financial year? What are the major changes we are going to see in this new financial year?
  • #727023
    In many countries in the world including India, the financial year starts from April 1. This accounting year of April to March system was started in India in the year 1867. The British used to follow April-March. after adopting the Gregorian calendar of accounting. This tradition from them has come to India.
    The British used to collect rent from Indian farmers. They used to collect other taxes also. They fixed the year as of April to March for all these tax collections. That is how this financial year has come in to force.
    There are about 156 countries in the world that are following their financial year from January 1 to December 31. About 33 countries, including India, have their financial year from April 1 to March 31. There are 20 countries following their accounting year from July 1 to June 30.

    drrao
    always confident


  • Sign In to post your comments