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Income-tax dept likely to propose using calendar as financial year

The dept has to submit its recommendations for the July Budget by May 15

income tax, India, Economy

The Department of Revenue has asked for proposals from the income-tax (I-T) department to finalise taxes as part of the Budget, which would be presented in July after the new government takes office. Making financial year co-terminus with calendar year is one of the key suggestions, said sources familiar with the matter. In its April 24 letter, the department asked tax officials to give recommendations, by May 15, for consideration during the budgetary exercise of 2019-20. According to sources in the know, there are some suggestions which have been in discussion and would be ...