Extension of first financial year

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 August 2013 Kindly clarify:

A Company was incorporated on 18th December, 2012 and upto 31st March,2013 the Company has not started any business and from December to March it is very short period to close the Financial Year. Therefore the Company wants to close its Financial Year on 31st March, 2014.

Now from December 2012 to March, 2014, period is more than 15 Months, Whether it is required to go to ROC for extension?

If yes, whether certificate from Assessing Officer is required to obtain and attach in form 61.

And further in form 61 there is a point to mention the FY for which extension is required but in this case there is First FY so which date is to be mentioned

Ajay Mishra

Ajay Mishra (Expert)
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23 August 2013 Hi

The expression 'Financial year' defined under section 2(17) means, in relation to any body corporate, the period in respect of which any profit and loss account of the body corporate laid before it in annual general meeting is made up, whether that period is a year or not. A company is at its liberty to follow any financial year whether or not it ends on 31st March. However, for the purpose of Income Tax, accounts will have to be made on 31st March.
The period to which the balance sheet and profit and loss account to be laid before a company in Annual General Meeting relate is called a "financial year".

Section 210(4) provides that a financial year may be less or more than a calendar year, but it shall not exceed fifteen months. The financial year may extend to eighteen months, where special permission has been granted in this connection by the concerned Registrar of Companies [Proviso to section 210(4)]. Thus, annual accounts may be prepared for a period up to eighteen months with the special permission of the Registrar on the application submitted in the new e-Form 61 electronically with the Registrar [prescribed by the Notification No. GSR 56(E) dated 10th Feb., 2006.

Querist : Anonymous

Querist : Anonymous (Querist)

23 August 2013 Thank you Sir...

Please also clarify whether certificate from Assessing Officer is required to obtain and attach in form 61.

And further in form 61 there is a point to mention the FY for which extension is required but in this case there is First FY so which date is to be mentioned

Ajay Mishra

Ajay Mishra (Expert)
Follow

23 August 2013 There is no role of Assessing Officer. The detail of first financial year you will mentioned if Form-61.

Querist : Anonymous

Querist : Anonymous (Querist)

23 August 2013 Thanks a lot....

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