The Income Tax Department may propose using the Calendar year as the Financial Year

30 APR,2019 | MEDC


 

This is a step in the right direction, as the country’s current financial year (April to March) is a colonial practice started by the British around 150 years ago, to align British India’s accounting system with Imperial Britain’s accounting structure. Our fiscal system now needs to be in sync with that of the developed world, most of which follow the financial year beginning January. On the flip side, a change in the financial year would upset data collection in the economy, and until the aftereffects of other major structural changes like GST and demonetization are better understood, it may be worth going slow on this proposal, which does have strong disruptive potential.

*Photo Credit: Google Images

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