Financial year to be started from

New Delhi, July 22: The Union Finance Minister Arun Jaitley said on Friday the government is planning to make some changes in the period of the Financial year.

In a written reply has given in the Lok Sabha on Friday, he said that the financial year period is considering from April to March, then the central govt planning to change the financial year is expected to be from January to December.

The committee has submitted a report, which was headed by former chief financial adviser Shankar Acharya.

1.62 lakh companies canceled:



Jaitley told that nearly 1,62,618 lakh companies have been canceled under the Companies act 2013, section 248, which are not doing any works for a longer period.These are only shell companies which are established to escape from tax.

according to section 248, the Registrar of Companies (ROC) has the authority to cancel any activities for a period of two years.

In Mumbai ROC 33000 companies, Delhi ROC - 22863, Hyderabad ROC 20588 companies are canceled. The committee, which was set up to curb the dealings of the shell companies, has submitted the report and it would take appropriate action based on the report.