In India, the fiscal year begins on April 1 and ends on March 31 of the following year.
The financial year in many other countries begins on January 1st, the same day as the calendar year.
It’s sometimes abbreviated as ‘FY’. For instance, ‘FY21′. In this case, it refers to the fiscal year that began on April 1, 2020 and ended on March 31, 2021.
Companies’ balance sheets are also prepared using this calendar.
Quarter 1 (or Q1) corresponds to April-June, Quarter 2 (or Q2) to July-September, Quarter 3 (or Q3) to October-December, and Quarter 4 (or Q4) to January-March.