Logic behind financial year
This query is : Resolved
Rajdeep Kumar Gupta
(Querist)
27 May 2014
why financial year is always starts frm apr and end at march end? is there any reason behind this?
Nikhil Kaushik
(Expert)
27 May 2014
it is a british convention that we have continued with...britishers used April-March schedule as the estimate of income was available only after riping of rabi crops (india being an agricultural economy back then).
28 May 2014
there is no logic just we are following to have same fy as that of most of global accounting entities have earlier many followed jan-dec or oct to sep.
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