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The tax came into effect from 1 July 2017 through the implementation of the One Hundred and First Amendment to the Constitution of India by the Government of India. 1 July is celebrated as GST Day. [4] The GST replaced existing multiple taxes levied by the central and state governments.
The due date for quarterly taxpayers. This is for your estimated tax payments for the 3rd quarter This includes income you earned from June 1 through Aug. 31, 2025. Oct. 15, 2025.
Second quarter (Q2): Jan. 1 through March 31. Third quarter (Q3): April 1 through June 30. Fourth quarter (Q4): July 1 through Sept. 30. Caitlyn Moorhead contributed to the reporting for this article.
For example, if the fiscal year end month is August, the company's year end could fall on any date from August 25 to August 31. In particular, the last fiscal week is the one that includes August 25 and the first fiscal week of the following year is the one that includes September 1. In this scenario, fiscal years would end on the following days:
However, on 1 January 1964, the Board was bifurcated into two separate entities: the Central Board of Direct Taxes (CBDT) and the Central Board of Excise and Customs (CBEC). This division was formalized through the constitution of the two Boards under Section 3 of the Central Board of Revenue Act, 1963.
The Congressional Budget and Impoundment Control Act of 1974 created the current fiscal year of 1 October to 30 September, making the change to allow Congress more time to arrive at a budget and creating what is known as the "transitional quarter" from 1 July 1976 to 30 September 1976. For example, the United States government Fiscal Year 2024 ...
In the 2017-2018 financial year (i.e. 1 April 2017 to 31 March 2018), the IRS (IT) received 5,87,13,458 returns [8] and collected direct taxes amounting to ₹11.37 trillion, [9] spending ₹ 60,000 (equivalent to ₹ 91,000 or US$1,000 in 2023) for every ₹ 1,000 (equivalent to ₹ 1,500 or US$17 in 2023) it collected. [10]
Second quarter, Q2: April 1 – June 30 (91 days) Third quarter, Q3: July 1 – September 30 (92 days) Fourth quarter, Q4: October 1 – December 31 (92 days) In some domains, weeks are preferred over months for scheduling and reporting, so they use quarters of exactly 13 weeks each, often following ISO week date conventions. One in five to six ...