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Desirability and Feasibility of Changing the Financial Year
Start Date :
Aug 24, 2016
Last Date :
Oct 01, 2016
00:00 AM IST (GMT +5.30 Hrs)
The Government of India has appointed a Committee chaired by Dr. Shankar Acharya, former chief economic adviser, to examine the desirability and feasibility of having a ‘new ...
My Name is Bhaskar. Really its a good idea to change the financial year from April - March to January - December as all other activities like counting of leaves and declaring DA two times every year, i.e. in January and July are taking place in the same period of January - December. Moreover, it would be better if we study the pattern of other developed countries, their merits & demerits. Based on them, we can go for January - December financial year.
Mediclaim premium should be out of Service Tax purview or it should have a token service tax @ 1%.
My name is Indra Kumar Basu and a sr citizen, My PAN is AAEPB0455G & aadhaar no. is 493708152205. Presently retired from professional life. My total earning is diminishing due to lower interest rates. Prices of everything is going up. Example last year mediclaim was Rs. 27769 & this year Rs 31764/-. I am not interested about WPI. It should be based on retail price.
Allow the sr. citizen to invest in tax free bonds or Rs. 10,00,000/- should be standard deduction for IT payments. Best Regards.
Yes. It will surely help in simplifying things.
Benefits:-
1. Easy to compare financial statements from different countries.
2. Companies having set up in other countries need not have multiple deadlines and reporting dates.
3. Will bring consistency in financial reporting.
4. Credit of taxes paid in other countries will be aligned with our financial year.
5. Will encourage companies to adopt IFRS or Ind AS as the case may be.
Change to the Calencer year . It just simplifies things. It ensures a natural periods and data handling.
PM Sir,
We have to shed the legacy of British Era and do what is convenient for us. If most of the world follows Jan-Dec as Calendar and Financial year - we can also follow the same. Also it will be slightly closer to our ancient system of New Year starting after Diwali. My only concern is that we are very active in Q2 - before Diwali, Q3- Diwali and Christmas and Q4- Year end. In the new system, we will be active in Q3 and Q4 mainly with no triggers in Q1 and Q2 - i.e. Jan -Jun.
Humbly suggest that it can be shifted to Jan to Dec. Why? When we deal with remitting taxes in 2 countries like India and USA, while applying DTAA (Double Taxation Avoidance Agreement), USA follows an accounting year of Jan - Dec. It will help. Regards.
finaacil year start from 1april is not useful.summer vacation and hot temp.and there after raining seasion is not good for start of work. Actul work start from sept. and oct.FINANCIALYEAR MUST START FROM 15 JANUARY.
The utility and purpose of April-March fin year is still not known. Jan-Dec will be best as it will coincide with a normal/logical year. The academic year of schools and colleges should also be such. Govt. Budget be presented in Dec. and start the year afresh in Jan. with new rabi crops in Feb.
Why the Financial year kept from April to March till date and what all benefits we get if we change it to Jan - Dec.