Financial year: Companies may select a

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. 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. 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. What Is a Financial Year ? A financial year (FY) is the 12-month period used by the government, businesses, and individuals for accounting, budgeting, and taxation purposes. In India, the financial year begins on 1st April and ends on 31st March of the following year . For example: Financial Year 2024–25 means the period from 1 April 2024 to 31 March 2025. During this period, people earn income, make investments, and record expenses. After the year ends, the government assesses the income ...