Which of the following is the correct duration of ‘Financial Year 2022 - 23’ in India?

This question was previously asked in
SSC CGL 2023 Tier-I Official Paper (Held On: 25 Jul 2023 Shift 4)
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  1. 1 January 2022 to 1 January 2023
  2. 30 April 2022 to 1 March 2023
  3. 30 April 2022 to 31 March 2023
  4. 1 April 2022 to 31 March 2023

Answer (Detailed Solution Below)

Option 4 : 1 April 2022 to 31 March 2023
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Detailed Solution

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The correct answer is 1 April 2022 to 31 March 2023.Key Points

  • The financial year in India starts on 1 April and ends on 31 March of the next year.

Additional Information

  • The financial year in India is important for businesses, individuals, and the government as it is used for taxation purposes and financial reporting.
  • The Indian financial year is different from other countries such as the United States, where the financial year starts on 1 October and ends on 30 September.
  • The Indian financial year was previously known as the 'Previous Year' and was changed to 'Assessment Year' in 1961 after the Income Tax Act came into effect.
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