Business
Financial year likely to be changed in India from 2018!
New Delhi: Come 2018 and the financial year in India could commence from January instead of March-April as the Centre appears set to make the historic transition to end the 150-year-old tradition.
Accordingly to government sources told media persons, the next Budget could be presented by the Centre in November this year, the decision in this effect had been taken in a high level meeting taken by the government.
The sources said the government is working on aligning the financial year with the calendar year after Prime Minister Narendra Modi pitched for a change.
This would be another historic change after advancement of the Budget presentation to February 1 this year, ending the decades-old practice of presenting the annual exercise in the last week of February.
According to the proposal under discussion, the Budget session of Parliament would have to be held well before December so that the budgetary exercise can be concluded by the year-end.
Since it takes nearly two months for the conclusion of the budgetary exercise, the possible dates for holding the Budget session could be the first week of November, the sources said.
The financial year from April 1 to March 31, currently in vogue nationally, was adopted in 1867 principally to align the Indian financial year with that of the British government.
Till then, the financial year in India used to commence on May 1 and end on April 30 of the following calendar year.
After Modi expressed his desire to align the financial year with the calendar year, the government had last year appointed a high-level committee to study the feasibility of shifting the financial year to January 1. The panel submitted its report to the Finance Minister in December.
Among the various factors, a NITI Aayog note had said that a change in the financial year was required as the current system leads to sub-optimal utilisation of working season.
It had also noted that the current financial year cycle was chosen without any reference to national culture and traditions or convenience of legislators.
Also, the financial year is not aligned with international practices and it impacted data collection and dissemination from the perspective of national accounts, according to the note prepared by NITI Aayog member Bibek Debroy and OSD Kishore Desai, citing experts.
A few months back, the Parliamentary Standing Committee on Finance also recommended shifting the financial year to the January-December.
Modi while advocating a change in the financial year had said that there is a need to develop robust arrangements that could function amidst diversity.
Madhya Pradesh became the first state to announce shifting of its financial year format to January-December from 2018.
Business
Apple is giving a huge discount on its gadgets: Details inside
If you want to buy an iPhone and were waiting for a nice offer, then we have a piece of good news for you! Amazon Summer Sale May 2022 has begun and they are offering major discounts on various smartphones, laptops, and smart TVs, among others.
The sale is live now on the e-commerce platform with no-cost EMI options and exchange discounts on various products. In addition to this, Amazon has also partnered with several banks including ICICI, Kotak Bank, and RBL so that customers get instant discounts of up to 10% using their cards and EMI transactions.
Customers can easily enjoy this summer sale and get massive discounts on iPhones. They can also compare prices on Flipkart Big Saving Days Sale 2022 before making a purchase.
Amazon Summer Sale May 2022: Discount offer on iPhone 13
Apple’s coveted phone model iPhone 13 in the 128 GB storage model will be available during the Amazon Summer Sale May 2022 for Rs 64,900. The MRP of the phone is Rs 79,900. This means that the customers will be able to enjoy a discount of up to Rs 15,000 on the purchase of the iPhone 13.
If you have an old iPhone in working condition then you will also be eligible to receive another additional discount worth up to Rs 17,000 on the iPhone 13.
Buy at Rs. 64,900 (MRP – Rs. 79,900)
Features of Apple iPhone 13
The iPhone is powered by an A15 Bionic processor with 6 core CPU. Apart from this, it has 16 core neural engines. With the iPhone 13, up to 512 GB of storage will be available. The iPhone 13 has a 6.1-inch Retina XDR display with 1000 nits brightness.
The iPhone 13 has a 12-megapixel dual rear camera setup. This time a new wide-angle camera has been given, whose aperture is f/1.6. With this, there is support for sensor optical stabilisation. Night mode has been made better than before. The second lens is also 12 megapixels ultra-wide and has an aperture of f/2.4.