Dear Professional Colleagues,
Sub: Inviting views/suggestions/
This is to inform your goodselves that the Government of India has constituted a Committee to examine the desirability and feasibility of having ‘a new financial year’. The Committee headed by Dr. Shankar Acharya (former Chief Economic Adviser) has Shri K.M. Chandrasekhar (former Cabinet Secretary), Shri P.V. Rajaraman (former Finance Secretary, Tamil Nadu) and Dr. Rajiv Kumar (Senior Fellow, Centre for Policy Research) as other Members. The Committee will examine the merits and demerits of various dates for the commencement of the financial year including the existing date (April to March), taking into account the various relevant factors.
Please find attached herewith, the details of the Composition and the Terms of Reference of the said Committee as issued by the Ministry of Finance dated 6th July, 2016. The Committee has been given time till 31st December, 2016 to submit its Report.
In this regard, the Direct Taxes Committee of ICAI invites views/suggestions/
You are requested to kindly submit your views within 15 days preferably by 28.07.2016.
CA. Naveen N.D Gupta
Chairman, Direct Taxes Committee of ICAI