No Extension of the Financial Year – Ministry of Finance

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There is fake news circulating in some sections of media that the financial year has been extended. A notification issued by the Government of India on 30th March 2020 with respect to some other amendments done in the Indian Stamp Act is being misquoted. There is no extension of the financial year.

The finance ministry said that a notification has been issued by the Department of Revenue, Ministry of Finance dated 30th March 2020 which relates to certain amendments to the Indian Stamp Act.

It pertains 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 has been decided that the date of implementation will now be postponed to 1.7.2020.

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