No Extension of Financial Year 2019-20 Beyond 31st March

The impact of the pandemic is witnessed across the globe with constant measures taken by the government of all affected countries to manage the blow of the pandemic. The health and financial pitfall followed by the disease has left countries in shudder, resulting in several changes being made with the way things are functioning. The Government of India is also taking crucial steps to address the situation better. From extending coverage for disease testing and treatment under the Ayushman Bharat–Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) to extending the deadline of Income Tax Return (ITR) filing, the government continues to take the lead as we all battle this critical situation.

With the NATION being in a state of lockdown, huge chunks of information is being passed on across the media, some relevant and mostly misleading through illicit sources. Amongst them was one erroneous update floating across media and social media platforms stating the extension of the financial year 2019-20 and that the financial year would begin on 1st July 2020. However, to all those who breathed a sigh of relief post circulation of this flawed news, read through as the finance ministry then came forward to confirm that they have not extended the current fiscal year 2019-20, which will end as scheduled on March 31, 2020.

The finance ministry further confirmed that a notification issued by the Government of India on 30th March 2020 is being misquoted. This notification was with respect to some other amendments done in the Indian Stamp Act, the Ministry of Finance confirmed. This notification was issued to institute a well-organized process of collection of Stamp Duty on Security Market Instruments transactions through stock exchanges or clearing corporations that are authorized by stock exchanges depositories. The government further confirmed that this change was to be implemented from the 1st of April 2020, which was later pushed to the 1st of July 2020, considering the current pandemic situation.

The outbreak of this pandemic across the world and the rising number of cases in the country has created a sense of fear among individuals. With the declining market, state of lockdown and businesses going on a standstill, various stakeholders expected an extension of the financial year 2019-20, to get back on track with the financial year-end. However, with government’s clarification, businesses got the clearer picture. Apart from this, there have been several other amendments made by the government and various effective measures are being carried out to tackle the pandemic. The government also announced an economic package while a monetary package was announced by the Reserve Bank of India.

While financial well-being remains critical during this economical imbalance, protecting your health should be an utmost priority. Dealing with such a pandemic requires proper health care facilities and a good medical coverage that helps you get access to them. With a comprehensive health insurance plan, it will be half the battle to deal with such a health emergency.

The Bajaj Allianz Health Insurance plans available on Bajaj Markets offer extensive medical coverage of up to Rs. 50 Lakhs. You can avail cashless claims at over 6500 network hospitals all over the country, get your policy without undergoing any medical check-up in case your age is below 55 and enjoy the benefit of instant claim settlement with the brilliant claim settlement ratio of Bajaj Allianz General Insurance. Do your bit to keep yourself and your family financially secured in case of such health emergencies, with plans available for both, individuals and family, only on Bajaj Markets.

In addition, while you do so, take utmost care of the maintaining proper hygiene during this difficult time. Be safe, stay indoors and practice social distancing!

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