Annual return

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NitinPanthri (Querist)
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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

Pratik Shah

Pratik Shah (Expert)
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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.

NitinPanthri

NitinPanthri (Querist)
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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?

Pratik Shah

Pratik Shah (Expert)
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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).

NitinPanthri

NitinPanthri (Querist)
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12 November 2015 Thanks! Got it!

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