The Centre has set up a panel to examine whether the financial year should begin from April, as is currently, or some other date.
A shift would lead to changes in our everyday life , staring from date of salary revision to filing tax returns and for the government, it would mean an adjustment in the entire budget process.
In the case of change, India's financial year could be aligned with several nations, most of whom follow a calendar year model.
As per data on the Central Intelligence Agency website, Russia, Brazil and China are in this group
In India, British model is followed, where the fiscal year begins on April 1.
Even as officials have spoken about the likelihood of changing the fiscal year in private, finance has set up a to examine the viability of having a new financial year.
"The committee will examine the merits and demerits of various dates for the commencement of the financial year including the existing date (April-March), taking into account the various relevant factors," the ministry has said.