Q1125. What is the difference between calendar year and financial year for taxes?

Question: Just a quick question are calendar and financial year the same? If not what is the difference. I am a non-resident of Indian but currently based in India and have to file tax as I have rental income in India Thanks

Answer: Calendar year would be considered to be January 1st to December 31st whereas financial year or fiscal year as is followed in Indian for taxation purposes is set to start from 1st April every year and end on 31st March of the next year. The United States follows the calendar year [January 1,to December 31] for individual taxation purposes and businesses can choose to file tax using fiscal year. Fiscal year generally refers to any consecutive 12 month period of a business.