Financial Year In India Likely To Change In 2018

Updated: Tuesday, June 27, 2017, 9:29 [IST]

In 2018, the financial year in India could commence from January instead of April as the Centre appears set to make the historic transition to end the 150-year-old tradition, PTI has reported.

Financial Year In India Likely To Change In 2018

Accordingly, the next Budget could be presented by the Centre in November this year, high level government sources told PTI.

Countries that follow April to March as calendar year Countries that follow April to March as calendar year

The sources said the government is working on aligning the financial year with the calendar year after Prime Minister Narendra Modi pitched for a change.This is likely to advance the Union Buget to November in place of February earlier.

This will enable the country break-away from countries that still follow the April to March cycle.

The United Kingdom follows the April 1 to March 31 period as the financial year. This is a practice that is now many centuries old in that country. The government in Canada also follows the April 1 to March 31 cycle and similarly for a country like Japan.

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