Blast From the Past: India’s Financial Year Pattern: A colonial practice or something more?
Our country’s financial year ended yesterday, and a new year began today. Everyone is ready to calculate taxes, balance their cash register and crunch those accounting numbers. But have you wondered why the end of March? Is it because of the British-imposed practice or does the Income Tax Act or the festival season play a role? This article aims to understand the psyche of each school of thought with historical and legal perspectives