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  • Mar 26, 2020
  • Corona Lockdown: Is partial extension enough or FY 2019-20 needs to be extended?

    As the country has come to a standstill due to pan India lockdown to contain spreading of highly infectious Novel Coronavirus COVID-19, Financial Minister Nirmala Sitharam has announced extension of cutoff dates related to income tax, GST and other compliances till June 3, 2020.

    However, the extension beyond the financial year (FY) 2019-20 end date of March 31, 2020 has created some doubts. For example, if a person makes some tax-saving investment between April 1, 2020 to March 31, 2020, whether it will pertain to FY 2019-20 or FY 2020-21.

    So, to remove such confusions, will it be better to extend FY 2019-20 itself? Experts, however, differ on this.

    According to Archit Gupta, Founder and CEO – ClearTax, “The spread of Coronavirus or COVID-19 has shut businesses and enforced a stay at home for all of us.