Sajjad Iqbal Poswal Srinagar, Mar 25 2020
former Cabinet Minister Chowdhary Zulfkar Ali today Urged the Union Territory Government to extend the financial year 2019-2020 from 31ist march 2020 to 30th April in view of lockdown as most people, contractors and Business men are not able to their accounts, receive payments and conclude developmental work in the state along with the rest of country , as the contractors and other people’s not able to reach to the treasuries for their payments intime due to lock down. Hence the labour class didn’t get their wages. The amount released by the government for Back to Village program, 14FC etc is not utilized.
The one year period for which financial statements of a government or a company is prepared is referred to as the financial year or fiscal year (fy). countries, depending on their institutional requirements, define their financial year (fy) different from their calendar year which runs from 1 January to 31 December.
India’s financial year runs from 1st april to 31st march of next year. for income tax purposes, the year falling next to a financial year is known as assessment year. it is called so, because assessment of tax liability is done during that period, for the income india did not define its fy. it inherited this for historical reasons. post-independence, india’s official calendar was fixed on the strength of recommendations of calendar reform committee constituted in November 1952. the committee chaired by dr. meghanand saha had their report in 1955.
