Question

financial year explain it​

Answer 1

Answer:

A financial year is a period of twelve months, used by government, business, and other organizations in order to calculate their budgets, profits, and losses. Financial year is often used in business to compare with the calendar year.

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Answer 2

Answer:

• a year as reckoned for taxing or accounting purposes, for example the British tax year, reckoned from 6 April.

Step-by-step explanation:

1. In India, the government's financial year runs from 1 April to 31 March. ... The current fiscal year was adopted by the colonial British government in 1867 to align India's financial year with that of the British Empire. Prior to 1867, India followed a fiscal year that ran from 1 May to 30 April.
2. This period of accounting income is called the financial year or a fiscal year. So, the period from April 1, 2020 to March 31, 2021 will be called the Financial Year 2020-21 or FY 20-21. This period varies from country to country

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