Food for thought on 05-Oct-2017:
Income Tax Financial Year: Sometimes during 2004-05, I was
thinking of some improvements in the IT rules. The first thing that came to me
mind was the Financial Year (FY)- which is different than the Calendar Year.
Now why don’t we make the FY coincide with the Calendar year, i.e., from 1-Jan
to 31-Dec. After 12 years or so the GoI has woken up to this idea and may
implement it in 2019. This will simplify many clumsy notations, statements,
computer memory space etc. The latest news says that the Govt has put off this
to the next year- 2019.
