Extention of financial year

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10 Points Posted on 24 March 2020
Is the financial year end for the F.Y.
2019-20 extended from 31/03/2020 to further say
30/06/2020 for filing I.T.Rs?
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On 24 March 2020 at 09:50 Report
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This discussion clarifies that while the financial year end for 2019-20 remains March 31, 2020, the deadline for making investments for Chapter VI deductions has been extended to June 30, 2020. It also touches upon the difference between extending the financial year and extending the due dates for filing Income Tax Returns (ITRs), with a general preference for extending due dates to avoid complications.

Guest
Extension of due date for filling ITR is nothing to do with Extension of F.Y.

Due date of filling ITR is itself 31st July (in case audit is not required) and 30th Sep ( where audit is required).

Also extension of F.Y. will be a messy situation not for only current F.Y. but also for next F.Y.

Better govt. extend some due dates instead of extending F.Y.
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On 24 March 2020 at 11:04
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2 Points Posted on 24 March 2020
If I want make an investment for deduction in chapter VI then it can be made till 30/06/2020 or should be made by 31/03
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On 24 March 2020 at 11:24
Guest
Thats the point I mentioned that govt. should extend some due dates but I think as of now no clarification has come.
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On 24 March 2020 at 11:59
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Consultant
1891 Points Posted on 24 March 2020

It is expected that the FY closing date will remain same as 31.03.2020 but the time period to make all the yearly compliances shall be increased by 2 to 3 months. 

We can wait for the press conference scheduled at 2pm by our FM. 

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On 24 March 2020 at 13:40
Guest
Dear Hemangi
Date has been extended for investment in saving instruments till 30/06/2020
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On 24 March 2020 at 14:38
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Accountant
281 Points Posted on 24 March 2020

Does this also extend the deadline for filing ITR rectification/revision for FY 2018-19 and for responding to notice under 143(1) ??

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On 24 March 2020 at 17:17
Guest
Yes it has been extended to 30/06
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On 24 March 2020 at 17:30
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10 Points Posted on 24 March 2020
Thanks
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On 24 March 2020 at 17:51

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