Annual return
This query is : Resolved
08 November 2015
Dear ExpertsMy company was incorporated on 25-03-2015 and first BM is required to be held within one Month of incorporation.How should we proceed for Appointment of Auditor and Annual Filing of the company?Regards, Nitin
08 November 2015
You were required to appoint Auditor within one month by Board. If you failed to do so, then you needed to conduct EGM for appointment of Auditor.
Your first financial year shall close in 31st March 2016. Hence, annual filing will be done in next year.
Your first financial year shall close in 31st March 2016. Hence, annual filing will be done in next year.
10 November 2015
Thanks Pratik for your valuable suggestion. Just wanted to know why 31-03-2016? Cant we close this FY on 31-03-2015 taking Capital and Prelim expense into account?
11 November 2015
Please refer definition of 'Financial Year'.
It says '“financial year”, in relation to any company or body corporate, means the period ending on the 31st day of March every year, and where it has been incorporated on or after the 1st day of January of a year, the period ending on the 31st day of March of the following year, in respect whereof financial statement of the company or body corporate is made up.
It clearly says, if the company is incorporated after 1st January, then the financial year should close on 31st March of next year.
Logically also, there is no point of closing Accounts for 5 days (25th March 2015 to 31st March, 2015).
It says '“financial year”, in relation to any company or body corporate, means the period ending on the 31st day of March every year, and where it has been incorporated on or after the 1st day of January of a year, the period ending on the 31st day of March of the following year, in respect whereof financial statement of the company or body corporate is made up.
It clearly says, if the company is incorporated after 1st January, then the financial year should close on 31st March of next year.
Logically also, there is no point of closing Accounts for 5 days (25th March 2015 to 31st March, 2015).
12 November 2015
Thanks! Got it!
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- Taxable or Tax exempt
- TDS Deducted AY-2013-14 Not Reflected in 26as
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- NRI starting business in India
- ADVANCE PAYMENT OF ADVOCATE
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- Invertaded duty struture
- Capital gain on sale and purchase of plot
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
