Change in financial year: Here's why there's a perpetual worst of times

The changing face of debate since long before India's independence

Bibek Debroy 

Madhya Pradesh (MP) has changed its financial year and so, in due course, might the Union government. Today, the government’s financial year, with MP being an exception, is from April 1 of a year to March 31 of next year. (This is not in the Constitution, but flows from General Clauses Act of 1897.)   Note that private companies and business organisations don’t necessarily have to maintain accounts for a period identical with the government’s financial year. That isn’t the case today. It won’t be the case when government changes its financial ...

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Change in financial year: Here's why there's a perpetual worst of times

The changing face of debate since long before India's independence

The changing face of debate since long before India's independence Madhya Pradesh (MP) has changed its financial year and so, in due course, might the Union government. Today, the government’s financial year, with MP being an exception, is from April 1 of a year to March 31 of next year. (This is not in the Constitution, but flows from General Clauses Act of 1897.)   Note that private companies and business organisations don’t necessarily have to maintain accounts for a period identical with the government’s financial year. That isn’t the case today. It won’t be the case when government changes its financial ... image
Business Standard
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