Consulting Engineers Association of India (CEAI), the apex body of engineering professionals in the country has urged the government including Ministry of Finance to extend the Finanacial Year (FY) 2019-20 by Three months, till the end of June in response to coronavirus (CONVID-19) pandemic. Tax return closing is ordinarily due ion March 31 each year.
“With the current backdrop of coronavirus and lockdown till April 14, 2020 and extension of Financial year by few months will help in stimulating the economy as well as conoslidating of business by the companies .It will also help businesses in the country to prepare financial statement which will represent complete business cycle of the enitity” said Mr Mr K K Kapila, Past President and Chairman of CEAI’s Infrastructure Committee and Former Executive Committee Member of The International Federation of Consulting Engineers (FIDIC).
“Presently most of the staff is being made to work from home to keep them safe, the banks are working with half strength it will be difficult for corporates to verify and share various documents and statements including inventories, fixed assets, fair-value measurments needed by auditors under the present circumstances” said Mr Kapila.
“CEAI has also urged the Ministry of Finanace to immediately process the long pending Income Tax refunds for the Financial Year 2018-19 as that will help in easing the financial burden on businesses in the ocuntry. That money can be utilised for stimulating the economy” said Mr Kapila.