Definition of Calendar year:
Twelve-month period starting with January 1 and ending with December 31, and which has 365 days in non leap years and 366 days in a leap year. Also called civil year.
For individual and corporate taxation purposes, the calendar year commonly coincides with the fiscal year and thus generally comprises all of the year's financial information used to calculate income tax payable.
A calendar year is a one-year period that begins on January 1 and ends on December 31, based on the commonly-used Gregorian calendar.
How to use Calendar year in a sentence?
- A calendar year is a one-year period between January 1 and December 31, based on the Gregorian calendar.
- The calendar year commonly coincides with the fiscal year for individual and corporate taxation.
- Many companies use the calendar year as their fiscal year, while others choose a different start and end date to their 12-month calendar period.
Meaning of Calendar year & Calendar year Definition