Financial Year 2019-20 will end on March 31st clarifies finance ministry

"No Extension of the Financial Year 2019-2020" clarifies Finance Ministry

Published: March 30, 2020 at 11:03 pm

The finance ministry has clarified that FY 2019-2020 will end on March 31st and FY 2020-2021 will start on April 1st clearing some confusion among tax-savers.

Only certain compliances have been extended to 30th June 2020. Those who wish to invest in PPF or invest in NPS or any other 80C instrument for FY 2020-2021 can do so from April 2020. 

Compliances for FY 2019-2020 that have been extended include:

  • For AY 2019-20, the last date for ITR filing will be 30.06.2020
  • On delayed payment of any direct tax between 20.03.2020 and 30.06.2020, the interest rate will be reduced to 9%.
  • No extension for the deposit of TDS. But on delayed payment of TDS, only reduced interest of 9% will be charged on delayed deposit till 30.06.2020.
  • Vivad se Vishwas Scheme extended to 30.06.2020 without the additional 10% payment.
  • All documents/notice/intimation/approval/order/filling of appeal or any document, including investments in saving instruments, capital gains, Income Tax Act, Wealth Tax Act, Prohibition of Benami Property Transaction Act, Black Money Act, STT Law, CTT Law, Equalization Levy Law, Vivad Se Vishwas Law, where time limit was expiring between 20.03.2020 till 29.06.2020, all are extended to 30.06.2020. Thus, now an investor in tax saving instruments like ELSS can make investments for FY 2019-20 up to 30.06.2020. The investor will have the option to claim the investments made between 01.04.2020 to 30.06.2020 in either FY 2019-20 or FY 2020-21 based on his requirement.

The full list  is here: Income Tax relief measures announced due to nation-wide lock-down

The Finance Ministry also clarified amendments to the Indian Stamp Act pertaining 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 will now be postponed to 1st July 2020.

Do share if you found this useful
Share your thoughts on this topic at the  Reddit freefincal_user_forum

Reach your financial goals like a pro! Join our 1600+ Facebook Group on Portfolio Management! You can now reduce fear, doubt and uncertainty while investing for your financial goals! Sign up for our lectures on goal-based portfolio management and join our exclusive Facebook Community. The 1st lecture is free!
Want to check if the market is overvalued or undervalued? Use our market valuation tool (will work with any index!) or you buy the new Tactical Buy/Sell timing tool!
About the Author Pattabiraman editor freefincalM. Pattabiraman(PhD) is the founder, managing editor and primary author of freefincal. He is an associate professor at the Indian Institute of Technology, Madras. since Aug 2006. Connect with him via Twitter or Linkedin Pattabiraman has co-authored two print-books, You can be rich too with goal-based investing (CNBC TV18) and Gamechanger and seven other free e-books on various topics of money management. He is a patron and co-founder of “Fee-only India” an organisation to promote unbiased, commission-free investment advice. He conducts free money management sessions for corporates and associations on the basis of money management. Previous engagements include World Bank, RBI, BHEL, Asian Paints, Cognizant, Madras Atomic Power Station, Honeywell, Tamil Nadu Investors Association. For speaking engagements write to pattu [at] freefincal [dot] com
About freefincal & its content policy Freefincal is a News Media Organization dedicated to providing original analysis, reports, reviews and insights on developments in mutual funds, stocks, investing, retirement and personal finance. We do so without conflict of interest and bias. Follow us on Google News Freefincal serves more than one million readers a year (2.5 million page views) with articles based only on factual information and detailed analysis by its authors. All statements made will be verified from credible and knowledgeable sources before publication. Freefincal does not publish any kind of paid articles, promotions or PR, satire or opinions without data. All opinions presented will only be inferences backed by verifiable, reproducible evidence/data. Contact information: letters {at} freefincal {dot} com (sponsored posts or paid collaborations will not be entertained)
Connect with us on social media
Our publications

You Can Be Rich Too with Goal-Based Investing

You can be rich too with goal based investingPublished by CNBC TV18, this book is meant to help you ask the right questions, seek the right answers and since it comes with nine online calculators, you can also create custom solutions for your lifestyle! Get it now. It is also available in Kindle format.
Gamechanger: Forget Startups, Join Corporate & Still Live the Rich Life You Want Gamechanger: Forget Start-ups, Join Corporate and Still Live the Rich Life you wantThis book is meant for young earners to get their basics right from day one! It will also help you travel to exotic places at low cost! Get it or gift it to a young earner

Your Ultimate Guide to Travel

Travel-Training-Kit-Cover-new This is a deep dive analysis into vacation planning, finding cheap flights, budget accommodation, what to do when travelling, how travelling slowly is better financially and psychologically with links to the web pages and hand-holding at every step. Get the pdf for Rs 199 (instant download)
Free android apps