<h1>Committee to Evaluate Aligning Financial Year with Calendar Year; Recommendations Due by Dec 31, 2016.</h1> The government has formed a committee to assess the feasibility of aligning the financial accounting year with the calendar year, with recommendations due by December 31, 2016. The committee's terms of reference include evaluating the advantages and disadvantages of various start dates for the financial year, considering factors like government budgeting, agricultural cycles, business impacts, taxation, and legislative convenience. If a change is recommended, the committee will outline the transition process, including timing, transitional periods, tax law adjustments, statutory amendments, and implications for Finance Commission recommendations. The committee will consult with experts and relevant stakeholders.