GlossaryAccounting & Bookkeeping
Financial Year
Also called: fiscal year, FY
What is Financial Year?
A financial year is the twelve-month period a business reports its accounts for. In India it runs from 1 April to 31 March, and is written in forms such as FY 2025-26.
Why Financial Year matters
Almost every deadline, threshold and invoice series is tied to the financial year. Invoice numbering restarts with it, and turnover thresholds for registration and e-invoicing are measured across it.
How Financial Year works in practice
Plan the year-end sequence in advance: stock count, receivable and payable confirmations, depreciation, accruals, and the invoice series reset on 1 April.
Frequently asked questions
It is the statutory year set by law, and tax rules, returns and thresholds are all aligned to it.