Beware! No Extension of the Financial Year due to Coronavirus
There has been a great socio-economic disruption due to the outbreak of Novel Coronavirus aka COVID-19. It has now become a global pandemic. Noticing the intensity of the Coronavirus threat, the government has imposed lockdown until 14th April. Besides, the government has also extended the due date of all business compliances, such as GST return filing, ITR filing, and MCA related compliance. Amid the tension due to COVID-19, a piece of fake news was being circulated that the government might also extend the financial year due to Coronavirus.
In this regard, the Finance Ministry has now clarified that there is no extension of FY 2020-21 due to Coronavirus.
Financial year 2020-21 not extended due to COVID-19!
There has been a lot of commotion regarding the extension of FY 2020-21 due to the Coronavirus outbreak. The Industry was also demanding that the beginning of FY 2020-21. There was fake news circulating that FY 2020-21 has been extended to 30th June 2020. However, the Finance Ministry has now clarified that the FY 2020-21 has not been extended and shall begin from 1st April 2020 only.
The Finance Ministry has tweeted in this regard-
With that, it is now clear that the financial year is not extended to 30th June due to Coronavirus and shall begin on 1st April 2020.
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