Government Clarifies, No Extension Of Financial Year

Representational Image - Sakshi Post

HYDERABAD: The government has not extended the current 2019-20 fiscal year and it will end as scheduled on March 31, the finance ministry said Monday.

A section of the media erroneously reported that the new financial year will start from July 1. "There is no extension of the financial year," the finance ministry said. There was no truth in the news that the beginning of the fiscal year (2020-21) would begin on April 1 which was also clarified by the Ministry of Finance. In its Twitter handle the MoF tweeted that there is a fake news ciriculating in some sections of media that the financial year has been extended, but there is no extension of the Financial Year.

Check out the Tweet here:

In the press note released by Ministry Finance, India stated that, ‘The finance ministry said that a notification has been issued by the Department of Revenue, Ministry of Finance on 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 1st April, 2020. However, due to the prevailing situation, it has been decided that the date of implementation will now be postponed to 1st July 2020’.

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