In Canada, Japan, Hong Kong and India the government's financial year runs from April 1 to March 31. However, this is not an informative topic. It doesnt look for you inputs on fiscal years or science or commerce, so dont sprint your brains all the way to the glory looking for information. We would expect you to get as creative as you can get and comment on this topic.
Enjoy this Abstract topic, on the April fools' day.
P.S.: The best post for this topic wins a gift. (You may enter as many posts as you wish to..)
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Our financial year begins with April Fool's day coz the CAs are there to fool the government and public as they dont disclose the profits. Thus the companies does not have to pay much tax to government and dividend to shareholders.
ReplyDeleteThere is a story behind the wisdom of keeping the Fiscal year of the above mentioned 4 countries from the April 1st to March 31st...The Story is as follows...
ReplyDeleteAs you know America and Britain are the bullies of the world since the last 500 years approximately, they loot any country's wealth at their own convinience.
It all began in Canada... Americans as usual went to Canada as "Traders" and settled there on the pretext of doing Business they gave the the native Canadians a Cigar each and in turn occupied most of their land and wealth, and set up huge businesses and syphoned all the money into the US.
Then Britain (the ape that it is) Followed in the foot steps of the US. and settled in Hong Kong, again on the pretext of doing "Business" and told the cheeni people that they will just take their land for a couple of hundred years and return it once they are done sucking its wealth. the people of Hong Kong agreed,and named it a Brit Territory
The US., after 200 years got bored of Canada because in the end there where no Canadians left and they all looked like Americans so the US. decided to take their "Business" somewhere else and then America Inc. shorlisted a few countries and eventually selected Japan as their new "business" destination and as a usual American Business Practice dropped an Atom Bomb and sealed the deal. Then they set up American companies there to eventually suck all its money.
On the other side Brits living in Hong Kong where starving coz the Chini people ate everything that moved or swimmed and left nothing for the Brits. So as a revenge the Brits Set up companies there to empty cheeni pockets and decided to move to INDIA.
The Indians where ecstatic to see the Brits they had never seen white skin before. The Brits told the Indians that they were very tired of all the looting of Hong Kong and din't want to put that much effort here and they would appreciate if we bought all our wealth on a silver platter and served them, The Indians agreed and gave all their wealth, not just that they also gave the Kohinoor Diamond as a token of appreciation for visting India.
One day all these 4 countries came to know how America and Britan had fooled them and how they were still looting their wealth but these countries where so neck deep in Capitalism that they agreed that there was no way out and they will keep losing their wealth every year till eternity so they decided to select the best date that could describe their financial foolishnes and unanimously agreed to start their indivisual Financial Year from the......
1st OF APRIL! :D
the story behind 1st april is called fool's day is back in 1564 in europe where prior to 1564 the year starts from 1st april . but when 10th charls ruled the country he changed it from 1st april to 1st january .most of the masses agreed with him but few remained sticking to older habit. so other people started making mocker of them by sending april fool gifts. there's why 1st april is called april fool day.
ReplyDeletein india the new budgets runs from 1st april assuring that it will give people a sigh of relief but at end of year people find out that situation remained the same and they foooled . this year india has a good example of making a fool of people is satyam fiasco.
in india The Income-Tax Act was first enacted in 1961. The Act came into force from April 1, 1962.
ReplyDeleteso accounting year doesn’t coincide with the periods of high activity, such as Christmas and New Year. Inventories are higher during December end, thus making it difficult to measure accurately.
India is largely an agrarian economy, and the livelihood of a large population still depends on agriculture. Therefore, the accounting system should be in line with the crop pattern.
ReplyDeleteWe have two major crop seasons: Kharif and Rabi. The Kharif season starts in April, and the crops from the Rabi season get ripe in March. During the time of the British, most of their taxes were from the crops. So, the government prepared its annual budget keeping these crop patterns in mind.
Therefore, the financial year was from 1st April, and ends on 31st March. I guess they had specially chosen 1st April and not any other day of April to prove how fool we were. And we are still proving them right by still using the same as our financial year.
Financial Year means End of and Start of Money Inflow of the Year. Suppose had the financial year been Sep 1st to Aug 30th and clients\customers start making promise to pay AMC or Charges on 1st April and when the day finally comes they make a big laugh saying April Fool then how the market shall survive?
ReplyDeleteSo, the 31st march being the end of the year makes every1 very concerned about paying the bills and as the April 1st is the starting day nobdy bothers more.
Also people can not fool their bosses saying April fool boss I have not achieved my target.
Our Financial year begins with the fools day as the public is there to fool the government by not paying taxes on time and by rolling over their money into investments like insurance or mutual funds.
ReplyDeleteThe companies are making fools to their investors by promising higher returns and showing higher profit in their books of acccounts which is ultimately used by the company itself.
Our financial year is starting with the fools day as the public is making fool of government by not paying taxes on time and by investing their money into mutual funds or insurance
ReplyDeleteThe companiies are making fools to their investors by not paying them dividends and rolling over their money into sone unproductive purpose.
The political parties are fooling the farmers for gaining support for their election by promising them electricity, water supply, irrigation facilities.
1st of all to begin with we have to understand y v celebrate APRIL FOOL?, there are many story behind it, one of it is said by nikhil, other is- the Duke of Lorraine and his wife were imprisoned at Nantes. They escaped on April 1, 1632 by disguising themselves as peasants and walking through the front gate. Someone noticed them escaping and told the guards. But the guards believed the warning to be a April Fool’s Day joke and laughed at it, thus allowing the Duke and his wife to escape.
ReplyDeletein short its a day to fool others, this what the case in our financial STORY, small businessman to big coprate business fools govt., by not paying taxes, disclosing wrong BS (as in case of satyam) at the same time cheating investor, salary gropus dnt show overtime payments, BMC fools citizens, politician fools by not solving problem and just promising, and on and on, and story goes on....,
The first day of financial year is fool’s day that’s a very funny thing.
ReplyDeleteThis can be related as people of our country are easily fooled by our politicians by implementing many fiscal policies on fools day, policies which should benefit people but it happens inversely. As a result politician’s bank accounts keep on over flowing and ours are going dry.
Though it is a coincidence that our financial year starts on fools’ day but it is so true.
The government showers promises when the financial year begins. A booming economy, subsidies, a happier life for a common man and lot more..
ReplyDeleteOfcourse, they dont fulfill any of these. And, if at all, we question. They have a strong answer. They can simply handle u saying, "April Fool!!!"
Hey guys,
ReplyDeleteWe had lots of input on this topic. We are sorry that we couldnt approve few posts as the content were quiet irrelevant. The few that are posted are VERY informative.
BUT, I understand that not everyone has read the previous posts and most importantly the "DESCRIPTION" of the topic. Guys, its very important that u read it before you post.. The DESCRIPTION has a line saying..,"However, this is not an informative topic. It doesnt look for you inputs on fiscal years or science or commerce, so dont sprint your brains all the way to the glory looking for information. We would expect you to get as creative as you can get and comment on this topic."
In most of the posts we had people teling us why "April fool's day" is celebrated and different stories. BUt guys.. we needed creative thinking..and not relevant and true stories. we were looking for humour. we were looking for out of the box thinking. This was supposed to be an abstract topic.
We are now concluding it. You may continue to post, if u wish to. We would still be moderating this post but u would not receive any more analysis on this topic.
Results: Ankit started on a very good note. He was on the exact lines that this topic intended you to think. But, i guess, he got carried away with what others had to say and posted an information, which we werent looking for.
Nashfi had a lot to say. If it would have been an informative topic then u wud have been awesome buddy. P.S. The discussion is still ON, can we have some of "creative" Nashfi now?
Nikhil's first post has both but the second post, only has a story, or another story i must say.
Vishesh, lot of knowledge, but again.. is it needed here???
Komal, 2 posts, and both on the same lines that we were looking for.. good job.
Chetan, a very neat post. To the point. looks like an awesome summary. the best so far.
Mansi, again on the perfect lines of thinking. a very decent post.
Ravi, crisp and neat. good job.
Guys, if i have to rate. Then Chetan leads and then follows, Komal, mansi, Ankit, Ravi (not necessarily in that order)
I am sure that u might want few points to add. We would wait for a day. If we dont get anything really creative then the winner remains the same.
Regards
-Evolution.
P.S.: Please add evolution.onlinesupport@gmail.com in ur GTalk, to talk to a live mentor, in case of doubt. You may also discuss ur doubts in the weekend session.
This post was concluded, but we waited for some more creative inputs.
ReplyDeleteHowever, as promised, the winner of the gift, for this topic is "Chetan"
P.S.: Chetan, you are requested to send you details, (like your complete name, contact number, eductaional background and the address where the gift can be sent), at contact@evolutionlearning.co.in
Hey, Thanks for this step by step guidelines. I ever get more helpful information from your site. Please share more technical points. i am waiting your technical post...
ReplyDeleteget Online Technical Support,Please visit the link.
Thankyou
Lacy Brown