FISCAL-YEAR SHOULD EXTENDED TO 30TH APRIL IN VIEW OF CORONA VIRUS
FISCAL-YEAR SHOULD EXTENDED TO 30TH APRIL IN VIEW OF CORONA VIRUS WITH CALENDAR-YEAR TO BE ADOPTED AS FISCAL-YEAR FROM 1ST JANUARY 2021
Bureau,Odishabarta
DELHI:Central government should consider extending end of present fiscal year from 31st March 2020 to 30th April 2020 in view of Corona virus, because there are many important financial aspects which are necessary to be done before end of financial year like PPF deposit to claim Income Tax exemption. Traders and others have to take physical inventory of stocks on closing day of fiscal year. Even there is a mega-merger of public-sector banks from first day of coming new financial year presently set to start from 1st April 2020.
Since such a compulsion of having a financial year of unusual 13 months leaving reduced 11 months in the next financial year, opportunity may be utilized to switch over to make calendar-year as financial year starting from 1st January 2021 in tune with most countries of the world and in accordance with repeated recommendations of expert-committees started with one set up with renowned financial expert LK Jha years ago.
Payments of EMIs, bills and all types of recovery-process in respect of loans should be deferred till Corona threat comes under control. However people should be warned in advance to compensate loss of man-hours by having six-day week for banks and government-offices till 31st December 2020, suggested last date of old-styled fiscal-year.
Input;Ms.Madhu
