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Under the General Clauses Act, 1897, what is the definition of 'Financial year'?
Answer & Solution
Correct answer: D.
1. Section 3(21) of the General Clauses Act, 1897 defines '**Financial year**' as **the year commencing on the first day of April**.
2. This is the standard Indian financial year for taxation, budgeting and accounting under Central legislation.
3. The fixed definition saves the draftsman from re-defining 'financial year' in every fiscal statute. Section 3(66) similarly defines 'Year' as a year reckoned according to the British calendar.
4. Options C and D do not match the statutory definition — the financial year under the GCA is not the calendar year or a freely-chosen twelve-month period.
_Source: ICSI CS Executive — Lesson 4, Definitions §3(21), p. 104._
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