Asked by: Justin Houston
What is beginning of taxable year?
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The tax years you can use are: 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.
What is the tax time period?
Tax season is the time period, generally between Jan. 1 and April 15 of each year, when individual taxpayers traditionally prepare financial statements and reports for the previous year and submit their tax returns.
What is the tax year 2021?
January 1, 2021
The tax year in the US in most cases is the same as the calendar year. The difference is: Calendar year – 12 consecutive months beginning January 1 and ending December 31.
What are the due dates for filing income tax returns related to the business?
Usually, the due date to file an income tax return is 31st July for individuals and non-audit cases, and 31st October for audit cases of the relevant assessment year. You can easily e-file your income tax return with ClearTax in under just 7 minutes.
What dates does the tax year cover?
In the U.S., the tax year for individuals runs from Jan. 1 to Dec. 31 and includes taxes owed on earnings during that period.
How do I determine my fiscal year?
A company’s fiscal year always aligns with the end date of a given 12-month period. For example, a fiscal year from May 1 2020 to April 30 2021 would be FY 2021. Fiscal years also always end on the last day of the month, unless it is December (in which case it would simply be a calendar year).