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Desirability and Feasibility of Changing the Financial Year

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 ...
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It is very much needed to be January to December. Most of the countries have it. And the subsidiaries of such companies in our country require to prepare financial statements twice in a year. One to comply with the requirements of the country of the parent company and other to comply with our country. It is a waste. It would also facilitate tax officers to reconcile easily the transactions globally.
Dear chairman and Committee members, we are searching and discussing for solution that we already have, as darkness under lamp. Solution is so simple and is gift to world. After going through to all details, submission and study I recommend only one year(may be financial or other) National solar calendar first month and start and last month as end. This recommendation is made so carefully. For its implementation we need vision and dare to do it(as looking towards developed country)
FINELY MY GOVT. THINK ABOUT .I WANT HEARTLY APPRECIATE MY CENTER GOVT. AND MR. SHANKAR ACHARYA.IT IS SO USEFUL WORK FOR WHOLE PEOPLE OF INDIA.IT IS LONG TERM BENIFIT PREPOSEL.
There is no justification in continuing the legacy of British era. The financial year may better synchronize with the calendar year from January to December. The most important is to release funds in the beginning of the year to be spent gradually and in phased manner as the implementation of various schemes and works progress. There should be continuous monitoring too.
हमारे देश के मनीषियों ने आत्मबल से ग्रहो की गति को पहचाना जो वैज्ञानिक तौर पर भी सटीक व सत्य साबित है। इसके अनुसार वर्ष मेष संक्रांति से प्रारम्भ होकर मेष संक् के प्रारम्भ समय पर ही (365 दिन 6 घंटे व कुछ मिनिट) पर समाप्त होता है । यह 14 या 15 अप्रेल का दिन होता हैं तब तक कृषि की दोनों फसलों के उत्पादन का वास्तविक ज्ञान हो जाता है। अर्थात एक कृषि प्रधान देश में मेष संक्रांति (14/15 अप्रेल) से अच्छा और उचित दिन वित्तीय वर्ष प्रारम्भ करने के लिए हो ही नहीं सकता।गोवेर्धन लाल दुबे081073742
NOW IT IS A TIME TO CHANGE THE FINANCIAL YEAR,IT WOULD BE UNIQUE IN THE WORLD
I would suggest you the implementation of goods and service tax (GST).It would be beneficial for all of the country .
I wholeheartedly support the idea of financial year starting from January.The idea must not be abandoned on the plea of complications that may arise in the process of change over. There is no dearth of experts in our country to solve that.I intend also to request you to do away with 'assessment year' & 'previous year' in respect of tax domain. Instead, there will be one reference year i.e.'financial year' for all the purposes of tax administration. Thereby a lot of complications may be avoided
It is high time to change the financial year pattern to Jan to Dec. We have to change the academic year too. This change will really boost our growth and reduce the paper work...
Financial year should align with majority of the nations with whom we have business relationships, ideally it should be from January to December