No Extention of Finance Year to June-20. MCA PR Attached

March 31, 2020

Some Social media discussions are happening for the beginning of the financial year from April 1 to July 1. That's just not correct.

The beginning of the fiscal year (2020-21) would begin normally on April 1.

The government's clarification after a Gazette notification, which pertained to a change in dates for collection of stamp duties, was doing the rounds in some circles.

"The so-called notification related to financial year date extension is not relevant. The financial year date is not extended. It is 31.03.2020

This notification published in Gazette today only extends the date to 01/07/2020 for the AMENDMENTS TO THE INDIAN STAMP ACT (Part I of Chapter IV of The Finance Act 2019, 7 of 2019) to come into force.

It was originally supposed to come into force from 09/01/2020, then the date was extended to 01/04/2020.

And now it has been further extended to 01/07/2020.

The buzz around the extension of the current financial year also comes amid requests from certain quarters of the industry, which have requested the government to start FY2021 from July 1 instead of April 1.

The demand was in light of the shutdown that has been effect for the past week to combat the COVID-19 outbreak, as a 15-month year would look financials look better compared to the previous year.

Previously, the RBI too had become a victim of rumours after a recent report correctly pointed out that it was resetting its financial year.

The RBI had in fact announced the change much earlier, on February 15, to align its financial year with the government.

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