Learn about the fiscal year period in India, running from April 1st to March 31st. Understand its importance for budgets, taxes, and financial reporting. For example, in the United States, though the fiscal year begins in October, the tax year is usually the calendar year for individuals. However, businesses often choose to pay taxes according to their fiscal years. This is allowed, provided that the fiscal year is a consecutive 12-month or 52-to-53-week period other than the calendar year. A fiscal year is a 12-month period that businesses use to track and report financial activity. Learn how it differs from a calendar year and why companies choose specific fiscal year dates. A fiscal year (FY) is a 52- or 53-week or 12-month period used by a company or government for budget and accounting purposes and as a schedule for financial statements.
