Extension of Financial year

This query is : Resolved

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.

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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