Extension of Financial year

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This discussion clarifies the confusion surrounding the extension of the financial year 2019-20. While certain tax-saving and payment deadlines were extended to June 30, 2020, this does not mean the financial year itself has been extended. The standard financial year ending March 31, 2020, remains in effect, with the RBI circular pertaining specifically to banking transactions and not the broader Indian tax system.

karan kumar

karan kumar (Querist)
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16 April 2020 Dear Experts,
Earlier FY extension circular was issued by RBI. Kindly clarify whether FY 2019-20 has been extended till 30/06/2020 or it is as usual up to 31/03/2020! notification or circular thereof if any,

Thanks & regards
Vishnu shakya

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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16 April 2020 The RBI has issued a notification on 20-03-20220 which is about Accounting of Central Government Transactions of March 2019 which are taking place upto 10-04-2020.
We have to take usual financial year which is ending on 31/03/2020 however, dates for certain savings investments, tax payments etc have been allowed up to 30-06-2020.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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16 April 2020 The government has announced that taxpayers have time until June 30, 2020 to complete their tax-saving exercise for FY2019-20. The earlier deadline was March 31, 2020. However, the government has clarified that this does not mean that the financial year has been extended.

CA Suresh Jain

CA Suresh Jain (Expert)
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17 April 2020 The circular was issued in context of the FY followed by RBI and has not relation to Income Tax Act.

Vikas Tapariya

Vikas Tapariya (Expert)
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19 April 2020 reserve bank of india regulate banking system not indian trade or revenue system of government of india. so i am not aware from this notification but i can tell you that our financial year will not change until interfering by finance ministry or CBDT

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