The months of April (on which the Financial Year starts) and March (on which the Financial Years ends) plays a vital role in Indian Economy. Every 31st March resembles the end of another Financial Year in our lives after which many sorts out their earnings to list out their earnings.
Unlike the followers, who blindly follows the rules, have you ever thought ‘Why does the financial year is different from the Calendar Year? If you are the one… please go through the article to witness a few assumptions.
Prior to the adoption of the current Fiscal Year (FY) i.e., April-March, the Indian government followed a FY that starts in May and ends in April (FY: May-April). However, the reasons behind are unknown.
To align the India’s FY with the British’s empire (which followed the April-March based on the old Julian Calendar), the British government changed the India’s FY to April-March.
Hope you got some basic info… Any further information? Do comment your feedback…