What Is The Current FY In India?

What is the current financial year in India?

This period of accounting income is called the financial year or a fiscal year.

So, the period from April 1, 2020 to March 31, 2021 will be called the Financial Year 2020-21 or FY 20-21.

This period varies from country to country..

Is there any change in FY 2019 20?

No extension of the financial year The financial year 2019-20 has not been extended till June 30 and only the date for some compliances has been extended by three months. The Income Tax Department has also tweeted a press note by the finance ministry regarding the same on Monday.

What is the current FY?

The federal government’s fiscal year defines the U.S. government’s budget period. … FY 2018 started on October 1, 2017, and ended on September 30, 2018; FY 2019 began on October 1, 2018, and will end on September 30, 2019; FY 2020 is the fiscal year that will start on October 1, 2019, and end on September 30, 2020.

Can I file ITR for AY 2020/21 now?

The due date for the income tax return for the FY 2019-20 (AY 2020-21) has now been extended to November 30, 2020. The returns of income which are required to be filed by 31st July, 2020 and 31st October, 2020 can be filed up to 30th November, 2020.

What is difference between FY and ay?

An FY starts on 1 April and ends on 31 March. So, if you have worked and earned income in 2017-18, it will be considered the financial year. Assessment year: On the other hand, assessment year (AY) is the year following the financial year, in which your income is assessed.

What does fy21 mean in India?

government’s financial yearIndia. In India, the government’s financial year runs from 1 April to 31 March. It is abbreviated as a FY21.

Which is current financial year?

The income you earned from 1st April 2020 to 31st March 2021 is the income earned in the current Financial Year (FY) 2020-21. Also, Any income earned by you for the period starting from 1st April 2020 to 31st March 2021 can be simply stated as income earned in Financial Year (FY) 2020-21.

What date is the new financial year 2020?

31 October 2020 Deadline for lodging your tax return for the fiscal year 1 July 2019 – 30 June 2020.

Is the financial year change in India?

“There is no extension of the financial year,” the finance ministry said. … To rationalise and harmonise the system of levying stamp duty and help curb tax evasion, the government had through the Finance Act, 2019, amended the Indian Stamp Act, 1899. Certain changes were to be effective from April 1, 2020.

What does fy20 mean?

A fiscal year is denoted by the year in which it ends, not in which it starts, so the US federal government fiscal year starting on October 1, 2019 and ending on September 30, 2020 is denoted as the fiscal year 2020 (often abbreviated as FY2020 or FY20), not as fiscal year 2019/20.

Is financial year postponed?

No extension of financial year, clarifies government The government through a notification, clarified that it has not changed the beginning of its financial year from April 1 to July 1 – as is being claimed by some social media posts. The beginning of the fiscal year (2020-21) would begin normally on April 1.

What date is end of financial year 2019?

June 30June 30 – End of financial year.

What is the financial year for assessment year 2020 21?

For income tax purpose, while the FY 2020-21 has begun on April 1 and will end on March 31, 2021, the relevant assessment year (AY) will be AY 2021-22.

Can financial year exceed 12 months?

The financial year of a company is usually of 12 months but the same may not be true all the time. (iii) The maximum period of financial year can be fifteen months. … Â However, with the permission of the ROC it can be extended upto eighteen months.