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The major reason for promoting shift in fiscal year (to Jan-Dec) is preparation of budgets immediately after the receipt of agriculture income.Key Benefits:India had suffered from economic and political mismanagement. Uniform roll-out & implementation of government policies would trigger better reforms for the economy.Because of poor time management, many good initiatives and schemes had failed to deliver the anticipated results. (Simultaneous Parliament & State elections are focused on addressing the same)In a country where agricultural income is exceedingly important, budgets should be prepared immediately after the receipt of agricultural incomes for the year. (Main Reason)Union & state budgets are prepared keeping in mind the agriculture performance during the period (one of the key factors for driving growth & providing employment). Timely & appropriate assessment of the same would allow our policy makers to make the budget while addressing the core agricultural issues.Although, a small step, indeed a good one if implemented!

Hi,These are the following weaknesses which I face in reality:Non-receipt of fees : Recently a client who has not been paying me fees since 1.5 years was warned by me that I won’t file his GST returns after October, 2019. Now that I have stopped filing his GST returns, he has felt betrayed and blackmailed because I stopped filing his returns.ICAI’s policies for entrepreneurship : ICAI doesn’t allow CAs to have business on their name.Reliance on 1 client or industry can be harmful.Staff should be good and reliable even if cost of employing them is little more or else it can be very harmful for a firm. Majority of CA firms don’t get good staff easily.Tie-ups with big firms take time and patienceRegards,Aditya

This is the stupidest thing I have read in a long time (and I read a lot).Of India’s total tax receipts of ₹ 17 lakh crores, a-sixth (₹3.5 lakh crore) comes from Income tax. This comes from around 4.5 crore people filing their IT returns.I couldn’t find any official data regarding the age of taxpayers, but let’s assume that taxes are primarily paid by working people in the age of 20–60 which constitute 50% of India’s population, of which another ~30% fall in the 20–35 age range.In essence, with this law implemented, the individual tax collections in India will go down by 60% or ₹2 lakh crores.There is a reason that there are marginal tax brackets - you want to ensure that the less privileged either do not have to pay taxes, or need to pay a lower rate, and that too only on the income above the previous limit.India Is Youngest Start-Up Nation With 72% Founders Below 35 Years. Should we exempt young CEOs and Founders who are making crores every year just because they do not fulfil an arbitrary, politically motivated criteria?India is a very “young” country. In 2014, 39% of first-time voters back BJP, only 19% vote for Congress. These first time voters were the ones who recently completed 18 years, and represented ~3% (2.3 crore) of the total 80 crore voters. It makes sense that Congress would propose such nonsensical yet sensational changes to lure the younger demographic. But like The Who said