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 Revenue, Ministry
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.
No comments:
Post a Comment