Question : Which of the following is the correct duration of 'Financial Year 2022-23' in India?
Option 1: 1 January 2022 to 1 January 2023
Option 2: 30 April 2022 to 1 March 2023
Option 3: 30 April 2022 to 31 March 2023
Option 4: 1 April 2022 to 31 March 2023
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Correct Answer: 1 April 2022 to 31 March 2023
Solution : The correct answer is 1 April 2022 to 31 March 2023 .
The financial year in India starts every year on the 1st of April of the calendar year and ends on the 31st of March of the next year. The financial year is also known as the fiscal year. All taxes are collected based on this timeline and other financial decisions are also taken according to this time frame.
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