CA Amitav Das

In India Financial year comes to an end on 31st March. For all Tax payer, Business persons, Business Entity, Bank and for Professional like CA, CWA, CS this 31st March year ending plays a vital role as the Accounting or Financial year comes to an end.

It’s not like the Calendar Year, where all people are in the mood of enjoyment. During March 31st all professional are busy with Month end and Year End Activities.

(Year End Activities like : Closing of books of account , Advance Tax Payment, Computation of Tax, Service Tax Dues payment, Investments to Save Tax as per the Tax Las Provision, TDS Calculation and payment, Counting of Physical Inventory and verifying with books, Confirmation of Customer and Vendor Outstanding balance., Computation of Capital Gain and losses, Repayment of Housing loan, Tax Planning, Manage Professional Income & Expenses, Deposit in FD, PPF, LIC as per the Income Tax Provision to save tax, Filing of Belated Income Tax Return, Account for Unabsorbed Business Losses, Closing of Financial Year, Paying Taxes, Settling of all books)

In India mostly we follow English Calendar Year and Accounting year or Financial Year. In addition to this each state having their own new year like Marathi New Year, Tamil New year, Telugu New Year, Hindi New Year, Punjabi New Year, Bengali New Year, Odia New Year, etc.

In India we follow the financial year 1st April to 31st March. This financial year is a legacy left behind by the British. It was the East India Company which first brought this concept of 1st April to 31st March as the Financial year while they were ruling the undivided India. From then we all are following the same and we have made it part of our life. In India it is mandatory for companies to follow April – March year ending.

Interestingly the UK itself has a weird date – their financial begins on 6 April and ends on 5 April.

Some people have opinion that we need to change the financial year same as Calendar Year from the existing 1st April to 31st March. Will it be beneficial if the financial year and calendar year will be same? We are not having this question in our mind. Number of countries have the same questions. There are number of countries who are having different financial year as compared to the Calendar year.

Let’s have a look at the financial or Accounting year for different country:

Sl No Name of Country Accounting or Financial Year   Sl No Name of Country Accounting or Financial Year
1 Afghanistan 21 December – 20 December 62 Kuwait 1 April – 31 March
2 Algeria 1st January to 31st December 63 Laos 1 October – 30 September
3 Antigua and Barbuda 1 April – 31 March 64 Lebanon 1st January to 31st December
4 Argentina 1st January to 31st December 65 Liberia 1st January to 31st December
5 Australia 1 July – 30 June 66 Libya 1st January to 31st December
6 Austria 1st January to 31st December 67 Macau 1st January to 31st December
7 Bahrain 1st January to 31st December 68 Madagascar 1st January to 31st December
8 Bangladesh 1 July – 30 June 69 Malaysia 1st January to 31st December
9 Belgium 1st January to 31st December 70 Maldives 1st January to 31st December
10 Bermuda 1 April – 31 March 71 Mali 1st January to 31st December
11 Bhutan 1 July – 30 June 72 Mauritius 1 July – 30 June
12 Bolivia 1st January to 31st December 73 Mexico 1st January to 31st December
13 Brazil 1st January to 31st December 74 Mongolia 1st January to 31st December
14 British Virgin Islands 1 April – 31 March 75 Morocco 1st January to 31st December
15 Bulgaria 1st January to 31st December 76 Mozambique 1st January to 31st December
16 Burma 1 April – 31 March 77 Namibia 1 April – 31 March
17 Cambodia 1st January to 31st December 78 Nepal 16 July – 15 July
18 Canada 1 April – 31 March 79 Netherlands 1st January to 31st December
19 Cayman Islands 1 April – 31 March 80 New Zealand 1 April – 31 March
20 Central African Republic 1st January to 31st December 81 Nigeria 1st January to 31st December
21 Chile 1st January to 31st December 82 Norway 1st January to 31st December
22 China 1st January to 31st December 83 Oman 1st January to 31st December
23 Colombia 1st January to 31st December 84 Pakistan 1 July – 30 June
24 Congo 1st January to 31st December 85 Paraguay 1st January to 31st December
25 Costa Rica 1st January to 31st December 86 Peru 1st January to 31st December
26 Cuba 1st January to 31st December 87 Philippines 1st January to 31st December
27 Cyprus 1st January to 31st December 88 Poland 1st January to 31st December
28 Denmark 1st January to 31st December 89 Portugal 1st January to 31st December
29 Dominican Republic 1st January to 31st December 90 Qatar 1 April – 31 March
30 Ecuador 1st January to 31st December 91 Romania 1st January to 31st December
31 Egypt 1 July – 30 June 92 Russia 1st January to 31st December
32 Eritrea 1st January to 31st December 93 Saudi Arabia 1st January to 31st December
33 Ethiopia 8 July – 7 July 94 Singapore 1 April – 31 March
34 European Union NA 95 Slovakia 1st January to 31st December
35 Fiji 1st January to 31st December 96 South Africa 1 April – 31 March
36 Finland 1st January to 31st December 97 Spain 1st January to 31st December
37 France 1st January to 31st December 98 Sri Lanka 1st January to 31st December
38 Georgia 1st January to 31st December 99 Sudan 1st January to 31st December
39 Germany 1st January to 31st December 100 Sweden 1st January to 31st December
40 Ghana 1st January to 31st December 101 Switzerland 1st January to 31st December
41 Greece 1st January to 31st December 102 Syria 1st January to 31st December
42 Greenland 1st January to 31st December 103 Taiwan 1st January to 31st December
43 Haiti 1 October – 30 September 104 Tanzania 1 July – 30 June
44 Honduras 1st January to 31st December 105 Thailand 1 October – 30 September
45 Hong Kong 1 April – 31 March 106 Timor-Leste 1st January to 31st December
46 Hungary 1st January to 31st December 107 Trinidad and Tobago 1 October – 30 September
47 Iceland 1st January to 31st December 108 Tunisia 1st January to 31st December
48 India 1 April – 31 March 109 Turkey 1st January to 31st December
49 Indonesia 1st January to 31st December 110 Uganda 1 July – 30 June
50 Iran 21 March – 20 March 111 Ukraine 1st January to 31st December
51 Iraq 1st January to 31st December 112 United Arab Emirates 1st January to 31st December
52 Ireland 1st January to 31st December 113 United Kingdom 6 April – 5 April
53 Israel 1st January to 31st December 114 United States 1 October – 30 September
54 Italy 1st January to 31st December 115 Uruguay 1st January to 31st December
55 Jamaica 1 April – 31 March 116 Uzbekistan 1st January to 31st December
56 Japan 1 April – 31 March 117 Venezuela 1st January to 31st December
57 Jordan 1st January to 31st December 118 Vietnam 1st January to 31st December
58 Kazakhstan 1st January to 31st December 119 Virgin Islands 1 October – 30 September
59 Kenya 1 July – 30 June 120 Yemen 1st January to 31st December
60 Korea, North 1st January to 31st December 121 Zambia 1st January to 31st December
61 Korea, South 1st January to 31st December 122 Zimbabwe 1st January to 31st December

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