What is the financial year for April 2023?
For example, the United States government Fiscal Year 2022-23 is: 1st quarter: 1 October 2022 – 31 December 2022. 2nd quarter: 1 January 2023 – 31 March 2023. 3rd quarter: 1 April 2023 – 30 June 2023.
In most countries, including India, the financial year starts on 1 April and ends on 31 March of the following year. This means that the financial year 2023-24, for example, begins on 1 April 2023, and concludes on 31 March 2024.
A fiscal year is denoted by the year in which it ends, not in which it starts, so the US federal government fiscal year starting on October 1, 2022 and ending on September 30, 2023 is denoted as the fiscal year 2023 (often abbreviated as FY2023 or FY23), not as fiscal year 2022/23.
Fiscal years are named using the year when the period ends. For instance, a fiscal year that runs from 1 April 2023 to 31 March 2024 is called FY24.
The income earned in the present Financial Year (FY) 2022-23 is the income earned from April 1, 2022, to March 31, 2023. Any money earned by you from April 1, 2022, to March 31, 2023, is simply referred to as income earned in Financial Year (FY) 2022-23.
FY2024 means the Recipient's Fiscal Year 2024, commencing on July 1, 2022 and concluding on June 30, 2024.
January, February, and March (Q1) April, May, and June (Q2) July, August, and September (Q3) October, November, and December (Q4)
The current financial year (which is effectively the same as the current fiscal year) in India started on 1st April 2023 and will end on 31st March 2024.
Calendar year – 12 consecutive months beginning January 1 and ending December 31. Fiscal year – 12 consecutive months ending on the last day of any month except December. A 52-53-week tax year is a fiscal tax year that varies from 52 to 53 weeks but does not have to end on the last day of a month.
Fiscal years are referenced by their end date or end year. For example, to reference a nonprofit organization's fiscal year, you may say, "FY 2024" or "fiscal year ending June 30, 2024." Similarly, if you referred to government spending that occurred on Nov. 15, 2024, you would label that as an expenditure for FY 2025.
When did FY23 begin?
Federal government
The identification of a fiscal year is the calendar year in which it ends; the current fiscal year is often written as "FY23" or "FY2022-23", which began on 1 October and will end on 30 September .
30, 2023. FY 2024 starts Oct. 1, 2023, and ends Sept. 30, 2024.
Q2: The second quarter, refers to the accounting period of April, May and June. Any financial statements you receive from April 1 to June 30 are for Q2 of the fiscal quarter system. Q3: The third quarter is during the months of July, August and September.
Key differences between fiscal year vs calendar year
A calendar year always begins on New Year's Day and ends on the last day of the month (Jan. 1 to Dec. 31 for those using the Gregorian calendar). A fiscal year can start on any day and end precisely 365 days later.
Because the fiscal year straddles two different calendar years, the calendar year and fiscal year will not always match. For example, Fiscal Year 2024 runs from July 1, 2023 – June 30, 2024.
If your accounting year is the same as the calendar year, the closing month is December. If it is not, the closing month is the 12th month of that year.
Footnotes. The 2024 fiscal year began on October 1, 2023, and ends September 30, 2024. The 2023 fiscal year began on October 1, 2022, and ended September 30, 2023.
(Fiscal year 2024 will begin on October 1, 2023, and end on September 30, 2024.) The Budget also covers the nine years following the budget year in order to reflect the effects of budget decisions over the longer term.
52–53-week fiscal year. A variation is the 52–53-week calendar. It is used by companies that want their fiscal year to always end on the same day of the week.
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What is US fiscal year?
Every year, the U.S. Congress begins work on a federal budget for the next fiscal year. The federal government's fiscal year runs from October 1 of one calendar year through September 30 of the next.
Dates for Q1: January 1 – March 31. Dates for Q2: April 1 – June 3. Dates for Q3: July 1 – September 30. Dates for Q4: October 1 – December 31.
Overall, 2023 provided a nice rebound in the financial markets from a year ago. The Federal Reserve maneuvered rate hikes in a manner that effectively slowed inflation yet didn't stall economic growth.
| Years with same starting weekday and equal number of days to 2023 | ||
|---|---|---|
| Year | Compared to year 2023 | Since last |
| 2023 | selected year | + 6 years |
| 2034 | 11 years after | + 11 years |
| 2045 | 22 years after | + 11 years |
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