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:
MINISTRY OF FINANCE (Department of Revenue)
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), dated the 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.Tags : corporate law