New Delhi Mar 30 (KNN) Consulting Engineers Association of India (CEAI), the apex body of engineering professionals in the country, has urged Ministry of Finance to extend the Financial Year (FY) 2019-20 by three months, till the end of June amid COVID-19 outbreak.

Tax return closing is ordinarily due on 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 consolidating 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 entity" said 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 measurements needed by auditors under the present circumstances" Kapila added.

CEAI has also urged the Ministry of Finance 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 country.

''That money can be utilised for stimulating the economy" said Kapila.