Study Group for Examining the Desirability and Feasibility of having a New Financial Year - ICAI

ALL MEMBERS OF THE COUNCIL

The Direct Taxes Committee at its 53rd meeting held on 30th August, 2016, while considering an item `Constitution of a Committee by the Government of India to examine the desirability and feasibility of having a new Financial Year’, decided to request the President, ICAI to constitute a Study Group for examining the desirability and feasibility of having a new financial year and giving recommendation to the Council with regard to inputs to be given to the Committee formed by the Ministry of Finance for the said purpose. The Committee also recommended that the group should comprise of Central Council members preferably from Research Committee, Accounting Standards Board, Auditing & Assurance Standards Board, Indirect Taxes Committee, Corporate Laws & Corporate Governance Committee, Direct Taxes Committee and Committee on Accounting Standards for Local Bodies.

On a request made by Secretary, Direct Taxes Committee to the President to constitute the Group, the President, in the authority given to him by the Council at its 351st meeting held on 12th February, 2016, has constituted the said group. The composition of the same is as under:-

CA. Naveen N.D. Gupta, Chairman, Direct Taxes Committee (Convenor)
CA. Sanjiv Kumar Chaudhary, Chairman, Research Committee
CA. Shiwaji B. Zaware, Chairman, Accounting Standards Board
CA. Shyam Lal Agarwal, Chairman, Auditing & Assurance Standards Board and Committee on Accounting Standards for Local Bodies
CA. Madhukar N. Hiregange, Chairman, Indirect Taxes Committee
CA. Dhinal Ashvinbhai Shah, Chairman, Corporate Laws & Corporate Governance Committee.
CA. Kuldeep Vashisht, Secretary, Direct Taxes Committee would act as Secretary to the aforesaid Group. 

Since the inputs of the ICAI are to be submitted to the said Committee of the Ministry of Finance by 30th September, 2016, after due consideration by the Council at its 359th meeting to be held on 16th and 17th September, 2016 at Noida, the Group is required to submit its report positively before 15th September, 2016.