A financial year is a 12-month period an organization uses for accounting purposes. It is also known as a fiscal year. The financial year does not necessarily coincide with the calendar year and may vary depending on the country, industry, or organization. In India, the financial year runs from April 1st to March 31st of the following year. For example, the financial year 2022-23 runs from April 1st, 2022, to March 31st, 2023. This is important for tax and accounting purposes, as many businesses and individuals need to file tax returns and financial statements for the previous financial year.
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