Change in Financial Year
This query is : Resolved
14 February 2008
Can an indian private company change its financial year from april-Mar to Jan-Dec. if yes, what is the procedure to do so?
14 February 2008
The private company can change its financial year by passing a resolution in the meeting of the Board of directors of the company, before the closre of the financial year. The company should have passed a resolution in Dec 2007, to close the current year in Dec 2007.
If they have not passed such a resolution, they may close the year as usual in March 2008. The next financial year can be ending in Dec 2008, by passing a resolution either now or any time before 31st Dec 2008.
If they have not passed such a resolution, they may close the year as usual in March 2008. The next financial year can be ending in Dec 2008, by passing a resolution either now or any time before 31st Dec 2008.
Message likes :
1 times
15 February 2008
They can chenge financial year. But please consider that there income tax calculation will be only from 1st April to 31st March base. So, there will be dual calculation. Form April to December and second from January to March. Then club the both and apply Income Tax provision.
Message likes :
1 times
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
- House Property Reporting in ITR
- TDS Claim year
- Supply through E-commerce Operators
- Rent lease agreement
- Relief u/s Section 89
- TDS Challan Code
- GST ON DAMAGED GOODS
- Agriculture income or business income
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- STCG on ETF gold & silver
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
