A press note of the Ministry of Finance has been released which states that there will be no extension of the financial year. The press note was released on 30th March, 2020.
It has been states that a fake news has been circulating in some section of media that financial year has been extended. It has been further clarified that the Government’s notification of 30th March with respect to certain amendments in the Indian Stamp Act has been misquoted.
The Ministry of Finance has also clarified that the amendment in the Indian Stamp act 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.”
The said amendment was to have effect from 1st April, 2020. However, due to the prevailing conditions owing to spread of COVID-19, the date of implementation has been postponed to 1st July, 2020.
-India Legal Bureau