October 23, 2020

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Income Tax Software

No extension of Financial Year clarifies Finance Minister of India

 
The Ministry of Finance issued a
clarification that the Financial Year has not been extended. The clarification
was issued to clear the confusion about the extension of the Financial Year
caused after a notification was released by the Government of India about the
amendments in the Indian Stamp Act. After the notification was released many
people misquoted it and a fake news was circulated on social media regarding the
extension of the Financial Year. However, the government later made it clear
that the notification is being misquoted and it does not talk about the
extension of the Financial Year but pertains to amendment in the Indian Stamp
Act.

What was the original notification? This is what the official notification
read:

 Read more at:
MINISTRY OF FINANCE
(Department of Revenue)
NOTIFICATION
New Delhi, the 30th
March, 2020 S.O. 1226(E).
 —In exercise of the powers conferred by
section 11 of the Finance Act, 2019 (7 of 2019), the Central Government hereby
makes the following amendments in the notification of the Government of India,
Ministry of Finance, published in the Gazette of India vide S.O. 115 (E), datedthe 8th January, 2020 namely:— In the said notification, for the words and
figures “the 1st day of April 2020, the words, figures and letters “the 1st day
of July 2020” shall be substituted. [F. No. S.33013/3/2019 ST-I, DOR] RITVIK
PANDEY, Jt. Secy. Note : The principal notification was published in the
Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide number
S.O. 4419 (E), dated the 10th December, 2019 and subsequently amended vide
notification dated 8th January, 2020, published vide number S.O.115 (E) dated
the 8th January, 2020.

Source From:- caclubindia.com

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