India allows extension for fiscal year end filings |
India`s finance ministry has clarified that the government has not extended the current 2019-20 fiscal year and it will end as scheduled on March 31. Media had erroneously reported that the new financial year will start from July 1. The news alert and the related story have since been withdrawn. According to ministry officials, a gazette notification issued late on Monday evening pertained to the date of applicability of stamp duty which has been changed from April 1 to July 1. Industry has been demanding an extension of fiscal year by three months in view of the economic impact caused by the outbreak of Covid-19. The finance ministry in a statement said amendments have been made to the Indian Stamp Act by deferring the effective date of applicability from April 1 to July 1, 2020. To rationalise and harmonise the system of levying stamp duty and help curb tax evasion, the government had through the Finance Act, 2019, amended the Indian Stamp Act, 1899. Certain changes were to be effective from April 1, 2020.
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