Manorama Multi State Co-Op Credit Society Ltd.

18/05/2023

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01/04/2022

30/03/2022

Why is March 31 the closing of the financial year?

Every financial year starts on April 1 and ends on the March 31. Do you know why the financial year is taken from April to March? Although the exact reason for why the Financial Year starts from April 1 and ends on March 31 is unknown, the financial researchers have put forth some the few main reasons:

1. Inheritance from British rule
India was under British control for around 150 years, who followed the accounting period of April to March. After the East India Company started to rule, they applied the same concept in India. Hence, financial year is from April to March in India also.

After Independence, the Indian Govt didn't change this pattern. Thus, in a similar manner, we celebrate the 'New Year EVE on the last day of the year as per the Western Culture.

2. Regional new year
April 1 coincided with the 'Hindu festival' of Vaisakha or the Hindu New Year. Hence, this may be the reason why the government also thought of starting the financial from April to March in India.

3. Agricultural country
India is an agricultural country and most of the sources of income depend primarily on crops. The income relies upon the estimation of the yields that are harvested in the period of February and March.

Thus, two months of span give government idea whether the revenue is going to increase/decrease. Hence it is one of the main reasons why the financial year is taken from April to March.

4. Festivals
The main festivals in India like Navratri and Diwali fall in the month of October and November, followed by Christmas in December. During these time periods, the value of sales for the retailers and value buying's for the shoppers are heavy, which makes accounting, compltime-consumingnsuming.

Thus, to avoid the clash, March was preferred as the month of closure of the financial year and not December.

So, the financial year in India begins from the period of April and March 31 is the closing of the financial year.

Other countries with an April to March financial year
India is not the only country who follows this trend of April to March. There are other countries also follow a similar trend, and the list are:
🔸Canada
🔸United Kingdom (UK)
🔸New Zealand
🔸Hong Kong
🔸Japan

13/06/2021

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06/05/2021

What to do to keep yourself and others safe from COVID-19

▪️Maintain at least a 1-metre distance between yourself and others to reduce your risk of infection when they cough, sneeze or speak. Maintain an even greater distance between yourself and others when indoors. The further away, the better.

▪️Make wearing a mask a normal part of being around other people. The appropriate use, storage and cleaning or disposal are essential to make masks as effective as possible.

▪️Clean your hands before you put your mask on, as well as before and after you take it off, and after you touch it at any time.

▪️Make sure it covers both your nose, mouth and chin.

▪️When you take off a mask, store it in a clean plastic bag, and every day either wash it if it’s a fabric mask, or dispose of a medical mask in a trash bin.

▪️Don’t use masks with valves.