Shankar Acharya committee
The Dr. Shankar Acharya committee has been constituted by the Union Finance Ministry to examine the feasibility and desirability of having a new financial year. This could lead to changing India’s financial year from April-March to January –February or any other 12-month period. As per terms of reference, the 4-member committee will examine the merits and demerits of various dates for commencement of financial year including the existing dates. The panel will take into account the genesis of current financial year, suitability of financial year from point of view of correct estimation of receipts and expenditure of Central and State governments. It will also consider the effect of the different agriculture crop periods, impact on business, taxation systems and procedures, statistics and data collection and convenience of legislatures for transacting budget work. The committee will submit its reports by December 31, 2016.