What is the difference between income year, financial year
and FBT year?
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Answer Posted / yassin kimanzi
Income Year:This is the accounting period under
consideration specifically during which income was earned
in the financial year.It varies by country tax
laws.Forexample, it can start from July of this year and
end by June of next year,numerically it can be 2010/2011
(July 2010/June 2011)
Finacial year:This is a 12 months period where by financial
reports are prepared for reporting purposes.Bsically it can
be from January to December of the same year.
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