The financial year in India starts from 1st April and ends on ________.
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. 31st March.
The financial year in India starts from 1st April and ends on 31st March of the following year. This 12-month period is used by the government and businesses for accounting and tax purposes. It aligns with the agricultural cycle and fiscal planning, allowing for the proper management of financial operations, budgeting, and economic policies. The financial year is crucial for preparing financial statements, auditing accounts, and determining tax liabilities.