Question

In general financial year shall be form.​

Answer 1

Answer:

In general financial year shall be form 1st April of any year.

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Answer 2

Answer:

In general financial year shall be from 1 April to 31 March of the next year.

Explanation:

• Every year, the financial year begins on April 1 and concludes on March 31 of the following calendar year. The financial year, also known as the fiscal year, is the time frame during which money is earned. Following the conclusion of the Financial Year, a corporation typically files income tax returns and pays taxes in the following year. The Assessment Year is the following year when the income will be taxed. Each fiscal year, the company creates its financial statement.

• However, this is not a requirement; many commercial organisations begin their fiscal years on January 1 and conclude them on December 31 of the same year.

• Some commercial organisations also use a fiscal year that lasts 18 months.

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