2016
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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7
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5
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4
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9
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Detailed explanation-1: -The Union Finance Ministry has constituted four members committee to examine the feasibility and desirability of having a new financial year.
Detailed explanation-2: -The LK Jha Committee appointed in May 1984 to look into the matter had recommended switching over to the calendar year. The government did not accept it, reasoning that it would cause a large number of problems as most Indian companies follow the AprilMarch financial year. Don’t miss out on ET Prime stories!
Detailed explanation-3: -The financial year or the fiscal year in India is from 1st April of a year to 31st March of the next upcoming year.
Detailed explanation-4: -What is the difference between financial year and a fiscal year? The Financial and fiscal years are synonymous. They mean the twelve-month period to file accounting statements.
Detailed explanation-5: -A Fiscal Year (FY), also known as a budget year, is a period of time used by the government and businesses for accounting purposes to formulate annual financial statements and reports. A fiscal year consists of 12 months or 52 weeks and might not end on December 31.