Question : What is the fiscal year period in India?
Option 1: 1st April of a year to 31st March of the next upcoming year.
Option 2: 1st April to 31st December of the same year.
Option 3: 1st January to 31st December of the same year.
Option 4: 1st January of a year to 31st December of the next upcoming year.
Correct Answer: 1st April of a year to 31st March of the next upcoming year.
Solution : The correct option is 1st April of a year to 31st March of the next upcoming year.
India follows the 1st April to 31st March fiscal year period. This period aligns with the government's budget cycle, facilitating financial planning, budgetary allocations and reporting. It helps synchronize economic policies and financial activities across various sectors.
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