What is the financial year of Madhya Pradesh?
- AOption (a)
January-December
- BOption (b)
April-March
- COption (c)
June-May
- DOption (d)
July-June
View answer & explanationHide answer & explanation
Correct answer
April-March
Why this answer is correct
The correct answer is January-December.
Key Points
- Financial Year in Madhya Pradesh
- The financial year in Madhya Pardesh is from 1st January to 31st December.
- Earlier, it was from 1st April to 31st March.
- Chief Minister Shivraj Singh Chauhan together with his ministers decided to shift its financial year to May 2017.
- This change in the financial year was done in 2017 and it is implemented in the year 2018.
- It was done on the recommendation of the Shankar Acharya Committee formed in 2016.
- Shankar Acharya is the Economic Advisor in Madhya Pardesh Government.
- Madhya Pradesh with this becomes the first state in India to shift its financial year.
Additional Information
- Financial Year
- The financial year is called the period of one year during which one earns and spends.
- In short, it is also called FY.
- Currently in India, it is from 1 April to 31 March.
- The government itself considers the same period as the Financial Year to calculate its income and expenses.
- The budget is also formed and implemented for the same period.