Option 1: 1 April to 31 March -> In India, the financial year (FY) runs from 1st April to 31st March of the following year. Article 112 of the Indian Constitution mandates the presentation of the Annual Financial Statement (Union Budget) before Parliament for each financial year. This system has been followed since colonial times and continues to be the fiscal calendar for the Government of India, though there have been occasional debates about aligning it with the calendar year. -> correct