Accounting Year

Tax Glossary Definition

Accounting Year

Accounting Year – An accounting year is a 12-month financial period used by individuals or organizations to record, summarize, and report all assets, liabilities, income and expenses. It helps determine financial performance and tax obligations for that specific period.

Example: For Indian taxpayers, the accounting year (also called the financial year) runs from 1st April to 31st March. For instance, the accounting year 2025–26 begins on 1 April 2025 and ends on 31 March 2026.

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