No Extension of Financial Year : Finance Ministry

Speed Post News Network

New Delhi :Union Finance Ministry on March 30, 2020, made it clear that the Financial Year has not been extended. It said that there is is a fake new circulating in some section of media that the Financial Year has been extended. A notification issued by the Government of India on March 30, 2020, with respect to some other amendments done in the Indian Stamp Act is being misquoted. There is no extension of the Financial Year, it said.

The Finance ministry said that a notification was issued by the Department of Revenue, Ministry of Finance, on March 30, 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 authorised by Stock Exchanges Depositories. This change was earlier notified to be implemented from April 1, 2020. However, due to the prevailing situation, it has been decided that the date of implementation will now be postponed to July 1, 2020, said the Finance Ministry, according to a PIB release.