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Financial result for the period of 21 days of a newly incorp

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(Querist)
09 November 2011 IF XYZ PRIVATE LIMITED WAS INCORPORATED ON 10.03.2011 AND OBTAINED PAN BEFORE 31.03.2011 AND ALSO OPEN A BANK ACCOUNT BEFORE 31.03.2011, IS IT MANDATORY TO CLOSE BOOKS OF ACCOUNT AS ON 31.03.2011 AND TO PRESENT FINANCIAL STATEMENT AS ON 31.03.2011?
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RG - A Helping Hand

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RG - A Helping Hand (Expert)
09 November 2011 No it is not mandatory to close books of account as on 31.03.2011.
As per law your first FY would be from 10.03.2011 to 31.03.2012.
Kindly refer section 166 and 210 of the companies act, 1956 in this regard.

RG
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Tapas Ruparelia

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Tapas Ruparelia (Expert)
09 November 2011 For income tax, you will have to file return of income even though company was operational for 21 days!
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Mukta Suyal

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Mukta Suyal (Expert)
10 November 2011 As far as Companies Act, 1956 is concerned you are not required to file any Balance Sheet and P&L Account.
But as per Income Tax Act, you need to file the return for the year ended 31.03.2011
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