Top
News Updates

No Extension Of Financial Year Due To COVID-19, Says Finance Ministry Amid Fake News

LIVELAW NEWS NETWORK
31 March 2020 2:14 AM GMT
No Extension Of Financial Year Due To COVID-19, Says Finance Ministry Amid Fake News
Your free access to Live Law has expired
To read the article, get a premium account.
    Your Subscription Supports Independent Journalism
Subscription starts from
599+GST
(For 6 Months)
Premium account gives you:
  • Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.
  • Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.
Already a subscriber?

Amid the massive circulation of a fake news that the financial years was being extended from March 31, 2020 to July 1, 2020, the Union Finance Ministry clarified that there is no such decision.

"There is no extension of the financial year", said the Ministry in a press release.

The basis for the fake news was the misinterpretation of a notification issued by the Department of Revenue (SO 1226(E)) which related to certain amendments to the Indian Stamp Act. It pertained 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 July 1.

However, some sections misconstrued this notification to be extending the Financial Year.

Read Press Release



Next Story