Wednesday, April 1, 2020

Financial Year Ending On ????


Financial year Ends on 31st March 2020 ??
or on 30th June 2020 ??
Recently a message is circulating on Social Media which claims that Financial Year 2019-20 ending on 31.03.2020 is been extended to end on 30.06.2020. With this message a Government notification issued by Ministry of Finance is also been circulated. Here we would like to clarify that this notification is not fake but someone either deliberately or by mistake interpreted it wrong to interpret the same as notification for extension of financial year to 30.06.2020.

We have found the notification been hosted on following website, which is a Government website and same proves that notification is not fake but interpretation of the same on Social Media is fully wrong-
So what Notification is all about?
Vide this notification actually Central Government appoints 01.07.2020 instead of 01.04.2020, as the date on which the provisions of Part I of Chapter IV related to Amendments to Indian Stamp Act, 1899 which were notified by Finance Act, 2019 (7 of 2019). Ie it’s related to Deferment of amendment applicable to Indian Stamp Act, 1899 and not related to ending of financial year

Also Read Following Press Release from CBIC-
Ministry of Finance
Government of India
Press Note
30.03.2020
No Extension of the Financial Year
New Delhi: There is a take news circulating in some sections of media that the financial year has been extended. A notification issued by the Government of India on 30th March 2020 with respect to some other amendments done in the Indian Stamp Act is being misquoted. There is no extension of the financial year.
Finance ministry said that a notification has been issued by Department of RevenueMinistry of Finance dated 30th March, 2020 which relates to certain amendments to the Indian Stamp Act. It pertains to putting in place an efficient mechanism for collection of Stamp Duty on Security Market Instruments transactions through Stock Exchanges or Clearing Corporation authorized by Stock Exchanges Depositories, This change was earlier notified to be implemented from 1 April, 2020. However, due to the prevailing situation, it has been decided that the date of implementation will now be postponed to 1.7.2020.


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