A calendar year is based on the Gregorian patterned calendar and starts on 1st January and ends on 31st December. For individual and corporate income, taxes generally coincides with the fiscal year and thus encompass a company’s entire fiscal period.
It is based on the solar cycle and contains 365 or 366 days. It was developed in 1582 by Pope Gregory XIII; it is the standard calendar used for holidays, religions, business, social, and personal purposes.
These are valuable tools for planning schedules, organizing events, and special occasions marking. Since technology has facilitated event planning, calendars are also upgraded, and it is accessible from anywhere. Some businesses use it to calculate their taxes as a fiscal calendar. This helps their business conform to seasonal patterns or other accounting concerns.