Change of Financial Year to Jan-Dec
Member of Parliament Shri Abhishek Singh asked some questions about the changing the Financial year from Apr-Mar to Jan-Dec in Lok Sabha on 7.4.2017. The Finance Minister Shri Arun Jaitley replied as follows…
Change of Financial Year
Suggestions have been received in Government, from time to time, for a change of Financial Year for a variety of reasons. The Government had constituted a Committee on 06.07.2016 to examine the desirability and feasibility of having “a new financial year”. The terms of reference of the Committee included examining the merits and demerits of various dates for the commencement of the Financial Year, including the existing date. A copy of terms of reference of the Committee is enclosed at Annexure.