Accounting
Financial Year
Definition
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What is Financial Year?
Financial Year (FY) is a 12-month period used by businesses and governments for accounting, budgeting, and tax purposes. In India, the financial year runs from April 1st to March 31st. Businesses prepare annual financial statements, file tax returns, and conduct audits based on the financial year. In Tally, each company has a financial year defined at creation, with provisions to work on multiple years simultaneously.
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