Quick Summary
Financial Year in India runs from April 1 to March 31 for tax and accounting purposes.
Financial Year (FY) or Previous Year is the period in which income is earned. For companies, it is April 1 to March 31. Books of accounts are closed at FY end and financial statements prepared.
Key Points
- April 1 to March 31
- Income earning period
- Books closed at FY end
- Also called Previous Year
- Different from Calendar Year