The financial year in India runs from-April 1 to March 31July 1 to June 31Jan 1 to Dec 31Oct 1 to Sep 31 nbsp-

You visited us 1 times! Enjoying our articles? Unlock Full Access!

Byju's Answer

Standard IX

Mathematics

Taxation and Types of Taxes

The financial...

Question

The financial year in India runs from:

April 1 to March 31

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

July 1 to June 31

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Jan 1 to Dec 31

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Oct 1 to Sep 31

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is A April 1 to March 31
The period in which income is earned is called a financial year. In India, the financial year follows the April 1 - March 31 cycle. The Union Budget is presented in the Parliament in February so it can be realised before the beginning of the financial year.

Suggest Corrections

Similar questions

Q. A financial year in India runs from the 1st of _____ of the current year to the 31st of _____ of the following year.

Q. Financial year in India is from 1st March to 28th February.

Q. Choose the correct answer.

Statement I: A budget is the financial statement showing the expected income and expenditure of the government during a financial year.

Statement II: In India, the financial year starts on 1 March and ends on 31 April.

Parth has an accounting year ending on 31st March. He receives rent quarterly in advance amounting Rs. 45,000 on 1 January, 1 April, 1 July and 1 October but for the current year, he received the rent on 31st March instead for 1st April. What shall be the amount of rental income to be recorded in the profit & loss account for the year?

Q. Calculate amount to be posted to the Income and Expenditure Account for the year ended 31st March, 2019:

(i)	Amount paid for stationery during the year ended 31st March, 2019 – ₹5,400; Stock of Stationery in Hand on 31st March, 2019 – ₹ 250.
(ii)	Stock of Stationery in Hand on 1st April, 2018 – ₹ 1,500; Payment made for Stationery during the year ended 31st March, 2019 – ₹ 5,400; Stock of Stationery in Hand on 31st March, 2019 – ₹ 250.
		₹
(iii)	Stock of Stationery on 1st April, 2018	1,500
	Creditors for Stationery on 1st April, 2018	1,000
	Amount paid for Stationery during the year	5,400
	Stock of Stationery on 31st March, 2019	250

Join BYJU'S Learning Program