Fiscal year change might happen as early as 2018

December date likely for Budget; amendment must to I-T, corporate laws

Arup Roychoudhury  |  New Delhi 

The government is planning to shift to a January-December financial year, and it could happen as early as January 1 next year. If this happens, the government would have to amend a number of laws, including the Income Tax (I-T) Act and the Companies Act, and cut the current financial year (2017-18) short to three quarters. It would also have to rework the Centre’s balance sheet, start a new assessment year for taxes, and present the Union Budget by December this year. All this needs to happen in the remaining six months of this calendar year. “The ...

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Fiscal year change might happen as early as 2018

December date likely for Budget; amendment must to I-T, corporate laws

December date likely for Budget; amendment must to I-T, corporate laws The government is planning to shift to a January-December financial year, and it could happen as early as January 1 next year. If this happens, the government would have to amend a number of laws, including the Income Tax (I-T) Act and the Companies Act, and cut the current financial year (2017-18) short to three quarters. It would also have to rework the Centre’s balance sheet, start a new assessment year for taxes, and present the Union Budget by December this year. All this needs to happen in the remaining six months of this calendar year. “The ... image
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