The Finance Ministry has clarified that FY 2019-20 will end on March 31st 2020 and FY 2020-21 will start on April 1st 2020, thereby putting an end to all the rumors doing the rounds about a possible extension.
The onset of rumors was due to misquotation of a notification issued by the Department of Revenue, Ministry Of Finance dated 30th June 2020 related to certain amendments to the Indian Stamp Act.
The amendments 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 had been decided that the date of implementation will now be postponed to 1st July 2020.
Nikita Bhatia is the co-founder of VenturEasy, an online platform for Company registration, book-keeping, accounting, tax consultancy and legal compliances in India. A Chartered Accountant and company secretary by profession, she has wide experience in the fields of audit, accountancy, taxation and corporate governance.
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