How interesting that We Indians celebrate many types of years? like According to the Gregorian calendar The year commencing from 1 January. Vikram Samvat starting with Chaitra according to Hindu beliefs. Similarly, there is a belief of Shaka Samvat in many Hindu families. So the year according to the Hijri calendar is popular among the followers of Islam.
Similarly, one more year is in vogue in India. financial year. A year that directly interferes with every aspect of our pocket way, from our future planning to our life-style. But have you ever tried to know why the beginning of the financial year is in April and the end of next March itself? If yes, then this report is of your use.
In fact, its straight wires connect to the English rule. Significantly, the British used the Julian calendar before Gregorian. According to this calendar, the last day of the year was 25 March. So the British started the new fiscal year in March with the new year.
But the Gregorian calendar goes ten days ahead of the Julian calendar. So when the Gregorian calendar from January to December was adopted, the British fiscal year began from April 5 (as the Julian year ended on April 25). According to experts, in this way the British started the financial year from the fourth month of the year i.e. April.
However, it can be asked here that when the start of the new year was accepted from January, then why did the British not consider the beginning of the financial year from January. In response to this, some historians believe that instead of celebrating Christmas and New Year, the attention of the people would remain entangled in the complexities related to financial management. Hence this idea was abandoned.
Therefore, it may be said that even though the British started using Gregorian calendar for other things, they remained indirectly dependent on Julian calendar for accounting. And due to Britain being a colony, the same system was implemented in India, which continues till today.
This system is also associated with the Hindu New Year. The first month of the Hindi calendar falls in Chaitra, March-April. According to some experts, when the East India Company came to India, the British came to know about this. Therefore, the British chose April to start their financial year to connect their business with the Indians.
Apart from this, Indian climate is also a reason for this. There are mainly two cycles of agriculture in India. Kharif and Rabi crops are grown in one of these cycles. While the kharif crop is harvested in October-November, the rabi crop is harvested in March-April.
Being an agricultural country, the time after harvest is when the farmers and traders associated with it have money and can pay taxes levied by the government. Since India is also a festive country and most of our big festivals are held in October-November itself, so demanding tax during this time can be a source of resentment against the regime. In this way, the time of March-April proves to be the most suitable for this. It is believed that due to this, it was convenient for the British to start the financial year from April 1 in India.
However, there is no provision in the Constitution to start the financial year from April itself. Rather, this practice continues under the General Provisions Act of 1897. This is the reason why private companies and business organizations are not restricted to keeping their accounts as per the government fiscal year.
Similarly, one more year is in vogue in India. financial year. A year that directly interferes with every aspect of our pocket way, from our future planning to our life-style. But have you ever tried to know why the beginning of the financial year is in April and the end of next March itself? If yes, then this report is of your use.
In fact, its straight wires connect to the English rule. Significantly, the British used the Julian calendar before Gregorian. According to this calendar, the last day of the year was 25 March. So the British started the new fiscal year in March with the new year.
But the Gregorian calendar goes ten days ahead of the Julian calendar. So when the Gregorian calendar from January to December was adopted, the British fiscal year began from April 5 (as the Julian year ended on April 25). According to experts, in this way the British started the financial year from the fourth month of the year i.e. April.
However, it can be asked here that when the start of the new year was accepted from January, then why did the British not consider the beginning of the financial year from January. In response to this, some historians believe that instead of celebrating Christmas and New Year, the attention of the people would remain entangled in the complexities related to financial management. Hence this idea was abandoned.
Therefore, it may be said that even though the British started using Gregorian calendar for other things, they remained indirectly dependent on Julian calendar for accounting. And due to Britain being a colony, the same system was implemented in India, which continues till today.
This system is also associated with the Hindu New Year. The first month of the Hindi calendar falls in Chaitra, March-April. According to some experts, when the East India Company came to India, the British came to know about this. Therefore, the British chose April to start their financial year to connect their business with the Indians.
Apart from this, Indian climate is also a reason for this. There are mainly two cycles of agriculture in India. Kharif and Rabi crops are grown in one of these cycles. While the kharif crop is harvested in October-November, the rabi crop is harvested in March-April.
Being an agricultural country, the time after harvest is when the farmers and traders associated with it have money and can pay taxes levied by the government. Since India is also a festive country and most of our big festivals are held in October-November itself, so demanding tax during this time can be a source of resentment against the regime. In this way, the time of March-April proves to be the most suitable for this. It is believed that due to this, it was convenient for the British to start the financial year from April 1 in India.
However, there is no provision in the Constitution to start the financial year from April itself. Rather, this practice continues under the General Provisions Act of 1897. This is the reason why private companies and business organizations are not restricted to keeping their accounts as per the government fiscal year.
