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Panel bats for changing Financial year to January -December

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A government-appointed panel,headed by former chief economic adviser Shankar Acharya,has recommended changing the financial year from the current April to March to thecalendaryear.
But,whether or not such an over haul will be carried out depends on the comfort level of the government.No decision has been taken on it yet.There port was submitted to UnionFinanceMinisterArunJaitleyearlier thisweek.
The panel members have studied the government’sBudgets and accounting,and feel that a shift is feasible.Members of the panel said they would not be able to comment on the report till the Centre decided to make it public.
“Whether the proposals are accepted or not depends on the government’s comfort level with them,”said a person aware of the developments.A senior government official had told Business Standard be fore the submission ofthe “Ifonlythegovernmentchangesits financialyear,theIncome-TaxActand CompaniesActneedtobeamended.Thisis “You have to have discussions with multiand ,especially ,thestates,”he added. Experts have voiced the irreservations regarding any such move.
Business Standard New Delhi,29th December 2016

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