NEW YEAR WITH NEW NEW HOPES

A fiscal year (or financial year, or sometimes budget year) is a period used for calculating annual ("yearly") financial statements in businesses and other organizations all over the world. In many jurisdictions, regulatory laws regarding accounting and taxation require such reports once per twelve months, but do not require that the period reported on constitutes a calendar year (that is, 1 January to 31 December). In India, the government's financial year runs from 1 April to 31 March midnight. Example: 1 April 2015 to 31 March 2016 for the financial year 2015–2016. It is also abbreviated as FY16. The fiscal year for individuals and entities to report and pay income taxes is often known as the taxpayer's tax year or taxable year. End of the financial year is an important and busy time for small business owners, completing bookkeeping, tax returns and begin planning for the new financial year. Putting the hard work in each financial year can help you get your business organized and work smarter in the year ahead.

Some essential tasks done at the end of financial year are-

• Keep up to date with tax changes starting next financial year
• Record keeping and compliance
• Find out what tax deductions you can claim
• Be wary of tax refund scams
• Review your finances
• Backup and secure your files

March is that time of year, when every business needs CA to get their accounts checked and audited. One cannot trust any CA and even every CA does not help you save your taxes. Expert dekho comes with a great list of verified C.A’s around the country to help you get your Balance sheet matched. Year-to-date results do not always present an accurate picture of financial performance. They can be grossly affected by the timing of large income or expense items. If a big grant comes in early, the year-to-date results can look far better than budgeted. If an invoice is paid early year-to-date results get skewed and can give a false picture of overspending. Only those with a very detailed knowledge of income and expenses can derive a true picture of financial performance from year-to-date results. 

 

The full year projection also provides a far more solid basis for developing next year’s budget. It is dangerous to base next year’s budget on this year’s budget. One must base future projections on a solid analysis of what this year is actually going to look like when it is completed not a plan for this year. Dekho network helps you at every step to solve your all kinds of problems. 

 

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Happy FY Ending!

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