Why Is Financial Year Different From Calendar Year. Many companies prefer to end their financial year with the quarter that shows the best profits. Why is a financial year different from a normal year?
This period of 12 months is of prime importance for government accounting. The assessment year is the year after the financial year in which the prior year’s revenue is assessed, tax is collected, and the itr is filed.
While A Company Can Choose To Start Its Fiscal Year On Any.
A fiscal year keeps income and expenses together on the same tax return, while a calendar year splits them into two.
The Assessment Year Is The Year After The Financial Year In Which The Prior Year's Revenue Is Assessed, Tax Is Collected, And The Itr Is Filed.
The financial year may be different.
For Over 150 Years, India’s Financial Year Has Begun On April 1 And Ended On March 31.
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Under The Julian Calendar, The Year Had 11 Months Of 30 Or 31 Days, With One Month, February, Consisting Usually Of 28 Days But With 29 Every Fourth Or “Leap” Year.
These two years are the fiscal year and calendar year.
Every Situation Is Different And Sometimes A Company Will Choose A Fiscal Year That Does Not Align With The.
A calendar year always runs from january 1 to december 31.
