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Income tax Employees Federation and Income Tax Gazetted Officers Association has requested that financial year (FY) 2019-20 closing be pushed back by a month. The federation has also requested the Central Board of Direct Taxes (CBDT) chairman to lock-down tax offices across the country at least till March 31 in the wake of Coronavirus endemic. March is the financial year closure for companies in India and the most important month of income tax department. But the employees association has requested that CBDT to seek finance ministry’s assistance in declaring that financial year (FY) 2019-20 closing on April 30, instead of March.
The federation in its letter has said that CBDT through finance minister can suggest to the Union Cabinet to declare that FY 2019-20 will end on April 30, 2020 instead of March. And the next financial year will start from May 2020.
Even the chartered accountants are scrambling for filing of return and may not be able to meet the March 31 deadline, sources said. Meanwhile, the income tax department has already sent across auto generated tax demand notices on businessmen.
The letter further states that there is legal provision to extend the date of closure of financial year. “For this an ordinance can be brought.”
Even SEBI recently extended date of filing financial results for listed companies for quarter ending and financial year ending March.
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